Investing.com -- AI Assets Ltd, a business company limited by shares located in the British Virgin Islands, is planning its initial public offering (IPO) of 2,000,000 Class A Ordinary Shares. Each share has a par value of US$0.00005, and the company expects the IPO price to range between US$4.00 and US$5.00 per Class A Ordinary Share. This information comes from an SEC filing on February 21, 2025.
In addition to the IPO, up to 2,000,000 Class A Ordinary Shares may be offered for resale or otherwise disposed of by each shareholder listed in the separate Resale Prospectus. These shareholders are referred to as the "Selling Shareholders".
AI Assets Ltd has the authorization to issue an unlimited number of shares, divided into five classes: Class A and B Ordinary Shares, and Class A, B, and C preferred shares, all with a par value of US$0.00005 each. The rights of Class A Ordinary Shareholders are the same as those of Class B ordinary shareholders, except for voting and conversion rights.
Before this offering, there was no public market for the Class A Ordinary Shares of AI Assets Ltd. The company has applied to list these shares on the Nasdaq Capital Market under the symbol "AIAS". The success of this offering is contingent upon this listing, and there is no guarantee that the company will succeed in listing the shares.
The underwriting agreement for this offering is expected to be entered into with Univest Securities, LLC. This firm will act as the lead managing underwriter and bookrunner for the Class A Ordinary Shares subject to this offering. Subject to the terms and conditions of the underwriting agreement, AI Assets Ltd has agreed to sell to the underwriter the number of Class A Ordinary Shares at the public offering price, less the underwriting discount. The underwriting agreement stipulates that the underwriters' obligation to purchase all of the Class A Ordinary Shares being offered is subject to specific conditions, including no material adverse change in AI Assets Ltd's business or in the financial markets, and the receipt of certain legal opinions, certificates, and letters from the company, its counsel, and independent auditors.
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