Xiao-I Provides Update On Its VIE's Ongoing Patent Infringement Lawsuit Against Apple; On July 31, 2024, The Shanghai High Court Officially Concluded The Patent Infringement Case Trial, Co Is Now Awaiting The Verdict

Xiao-I Corporation ("Xiao-I" or the "Company") (NASDAQ:AIXI), a leading artificial intelligence company, today provided an update on its VIE's ongoing patent infringement lawsuit against Apple (as defined below). The lawsuit centers on the alleged infringement on Chinese invention patent ZL200410053749.9 owned by Shanghai Xiao-i Robot Technology Co., Ltd. ("Shanghai Xiao-i").  As a holding company incorporated in the Cayman Islands with no material operations of its own, Xiao-I conducts a substantial majority of its operations through Shanghai Xiao-i, a variable interest entity (the "VIE"), in China.