Ruyun Technology (RYET.US) reapplies for listing in the US, fundraising amount to be reduced by 39% to $17 million.

Chinese artificial intelligence (AI) learning software provider RYET.US lowered the proposed IPO transaction size last Friday. The company, headquartered in Nanchang, China, now plans to issue 3.8 million shares of stock at a price of $4 to $5 per share, raising $17 million. The company had previously filed to issue 5 million shares of stock at a price of $5 to $6 per share. Based on the revised midpoint of the price range, the company's fundraising amount will be reduced by 39% from previous expectations, with a market value of $152 million. In the latest filing, the company also disclosed its latest financial situation and canceled Univest Securities as underwriter. Prior to this, the company had not updated its prospectus since April 2023, leading the U.S. Securities and Exchange Commission to announce the cancellation of the IPO in February 2024. RYET.US focuses on K12 education in China and has created an artificial intelligence platform designed to improve the learning and testing environment. The company's products also include self-learning solutions and smart devices such as smart printers and headphones for everyday learning and exam preparation. Founded in 2012, RYET.US had sales of $9 million for the twelve months ending on March 31, 2024. The company plans to list on NASDAQ under the ticker symbol "RYET." AC Sunshine Securities is the sole bookrunner for this transaction.