Pony AI Inc. (“Pony.ai” or the “Company”) (Nasdaq: PONY), a global leader in commercializing autonomous mobility, priced its initial public offering (IPO) of 20,000,000 American depositary shares (ADSs), each representing one Class A ordinary share, at US$13 per ADS. The underwriters have a 30-day option to purchase up to 3,000,000 additional ADSs.
Trading of the ADSs is expected to commence on the Nasdaq Global Select Market on November 27, 2024, under the symbol “PONY.” The IPO is scheduled to close on November 29, 2024, Eastern Time, subject to standard closing conditions.
Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, Deutsche Bank AG, Hong Kong Branch, Huatai Securities (USA), Inc., and Tiger Brokers (NZ) Limited are the underwriters.
Simultaneously, and contingent on the IPO’s completion, strategic investors will acquire approximately US$153.4 million in Class A ordinary shares at the IPO price (adjusted for the ADS-to-share ratio). This includes investments from JSC International Investment Fund SPC (US$ equivalent of RMB500 million), Guangzhou Nansha Chicheng Future Industry Investment Fund Partnership (Limited Partnership) (US$ equivalent of RMB300 million), Guangqipony Holdings Limited (US$27 million), and Kechuangzhihang Holdings Limited (US$15 million). These private placements are exempt from SEC registration under the Securities Act of 1933.
Total gross proceeds for Pony.ai from the IPO and private placements are projected to be approximately US$413.4 million (without underwriter option exercise) or US$452.4 million (with full option exercise).
The SEC has declared effective the registration statement for the ADSs. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, and no sales will occur where prohibited by law.
The Offering is made solely through a prospectus included in the effective registration statement. Prospectuses are available from: (i) Goldman Sachs & Co. LLC, (ii) Merrill Lynch (Asia Pacific) Limited, (iii) Deutsche Bank AG, Hong Kong Branch, (iv) Huatai Securities (USA), Inc., and (v) Tiger Brokers (NZ) Limited (contact details provided in the release).
About Pony AI Inc.
Pony AI Inc. is a global leader in the large-scale commercialization of autonomous mobility. Utilizing its vehicle-agnostic Virtual Driver technology (a full-stack solution integrating software, hardware, and services), Pony.ai is building a commercially viable and sustainable business model for mass production and deployment of autonomous vehicles. Established in 2016, Pony.ai operates in China, Europe, East Asia, the Middle East, and other regions.
For more information, please visit: http://ir.pony.ai.
Safe Harbor Statement
This press release contains forward-looking statements under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements, identifiable by words like “will,” “expects,” “anticipates,” etc., involve inherent risks and uncertainties. Refer to Pony.ai’s SEC filings for more information. All information is current as of the release date, and Pony.ai disclaims any obligation to update forward-looking statements except as required by law.
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