Pony AI Sets IPO Price at $13 per Share for 20 Million Shares
Global leader Pony AI Inc. ("Pony.ai" or "Company") (Nasdaq: PONY), which has achieved large-scale commercialization in the field of autonomous mobility, announced today the pricing of its public offering ("Offering"). The Company will offer 20,000,000 American Depositary Shares ("ADS"), each representing one share of the Company's Class A common stock, at a price of $13 per ADS. The Company also granted underwriters a 30-day option to purchase up to an additional 3,000,000 ADS.
The ADS are expected to begin trading on the Nasdaq Global Select under the symbol "PONY" on November 27, 2024. The Offering is anticipated to close on November 29, 2024, Eastern Time, subject to customary 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 acting as underwriters for the Offering.
In conjunction with and subject to the completion of this Offering, certain strategic third-party investors have agreed to purchase approximately $153.4 million worth of Class A common stock from the Company. The purchase price will be adjusted to equal the Offering price reflecting the ADS-Class A common stock ratio. Among these investors are (i) JSC International Investment Fund SPC for the equivalent of 500 million RMB in U.S. dollars, (ii) Guangzhou Nansha Chicheng Future Industry Investment Fund Partnership (Limited Partnership) for the equivalent of 300 million RMB in U.S. dollars, (iii) Guangqipony Holdings Limited for $27 million, and (iv) Kechuangzhihang Holdings Limited for $15 million. These private sales will be exempt from registration under the Securities Act of 1933, as amended, with the U.S. Securities and Exchange Commission (SEC).
The total gross proceeds expected to be received by the Company from the Offering and the concurrent private sales are approximately $413.4 million if the underwriters do not exercise their option to purchase additional ADS, and approximately $452.4 million if the underwriters fully exercise their option.
A registration statement related to the ADS being sold in the Offering has been filed with and declared effective by the SEC. This press release does not constitute an offer or solicitation for the sale of securities described herein. Additionally, as the sale of such securities prior to registration or qualification under the securities laws of any state or jurisdiction would be illegal, no sales of these securities will be made in such state or jurisdiction.
This Offering is being made only by means of a prospectus that forms part of the effective registration statement. A copy of the final prospectus related to the Offering, when available, may be obtained by contacting the following underwriters: (i) Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282-2198, U.S., phone: +1-212-902-1171 or email: prospectus-ny@ny.email.gs.com; (ii) Merrill Lynch (Asia Pacific) Limited, c/o BofA Securities, Inc., Attention: Prospectus Department, One Bryant Park, New York, NY 10036, U.S., phone: +1 (800) 294-1322 or email: dg.prospectus_requests@bofa.com; (iii) Deutsche Bank AG, Hong Kong Branch, Attention: Asia Equity Capital Market, Level 60, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong, phone: +852 22038166 or email: asia.ecm.internal@list.db.com; (iv) Huatai Securities (USA), Inc., Attention: Prospectus Department, 280 Park Ave, 21 E, New York, NY 10017, phone: +1-212-763-8168 or email: prospectus@htsc-us.com; and (v) Tiger Brokers (NZ) Limited, Attention: Vincent Cheung, Level 27, 151 Queen Street, Auckland Central, Auckland 1010, phone: +64 93-938-128 or email: ProjectPegasus@itiger.com.