XIAO-I CORP has filed a prospectus with the United States Securities and Exchange Commission (SEC) regarding an offering of a $2.17M convertible promissory note. The filing details the structure and terms of the proposed debt instrument, which the company intends to offer to investors.

The prospectus provides regulatory documentation required for the sale of the securities. It outlines the specific financial agreements and conversion rights associated with the promissory note. The document serves as the primary source of information for potential investors evaluating the offering.

The table below summarizes the key details available in the filing:

The submission of the prospectus marks a formal step in the process of securing the noted capital through debt financing. Investors are advised to review the full filing for comprehensive details regarding the terms and conditions of the note.

Xiao-I Corporation shares fell 13.25% to $2.620 on Wednesday following the Shanghai High People's Court's dismissal of its patent infringement claims against Apple Inc. regarding Siri technology. The court issued first-instance judgments on June 10, 2026, ruling that Apple's Siri does not infringe the patent held by Shanghai Xiao-I Intelligent Network Technology Co., Ltd., a variable interest entity of Xiao-I. The company intends to appeal these rulings to the Supreme People's Court within the statutory time limit, though it cautioned there is no assurance regarding the outcome or potential financial compensation.

The litigation involved two parallel cases. In the Invention Patent Infringement action (Case No. (2020) Hu Zhi Min Chu No. 7), the court dismissed all claims filed by Shanghai Xiao-I. The company had alleged that Apple's Siri infringed its invention patent titled "A Chat Robot System" (Patent No. 200410053749.9).

In the Confirmation of non-patent-infringement action (Case No. (2022) Hu Zhi Min Chu No. 3), the court determined that the specified iPhone models equipped with Siri do not fall within the protection scope of the subject patent. Additionally, the court rejected Apple's claim for RMB 2 million in compensation for reasonable litigation expenses, which included attorney, translation, and notarization fees.

The Supreme People's Court had previously issued a final ruling on March 31, 2026, upholding the validity of the patent and rejecting Apple's application to declare it invalid. The current proceedings focused solely on whether Apple's Siri products fall within the scope of the patent claims and constitute infringement. Xiao-I expressed disappointment with the first-instance rulings and stated it disagrees with the factual and legal findings, believing substantial grounds exist for appeal.