Xiao-I Corporation filed an amended annual report for the year ended December 31, 2022, on Form 10-K/A with the U.S. Securities and Exchange Commission on August 10, 2023. The amendment included a disclosure regarding potential restrictions on fund transfers.
The company disclosed that its subsidiary, Zhizhen Artificial Technology (Shanghai) Company Limited, may be restricted from transferring funds from overseas to its capital account with Bank of Ningbo. This restriction could occur if there are future changes to PRC laws and regulations or internal control policies of Bank of Ningbo.
This disclosure highlights a specific risk related to the company's ability to utilize offering proceeds for intended business purposes, which is a material consideration for investors.
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