UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-40368
SAIHEAT Limited
(Exact name of registrant as specified in its charter)
#01-05 Pearl’s Hill Terrace, Singapore, 168976
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Press Release
On October 10, 2024, SAIHEAT Limited (the “Company”) issued a press release to announce the signing of two memorandums of understanding for the Company’s HEATNUC business line.
On October 11, 2024, the Company issued a press release to announce non-compliance with Nasdaq’s minimum bid price requirement.
Copies of the above press releases are furnished as Exhibits 99.1 and 99.2 to this current report on Form 6-K and incorporated by reference herein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
| Date: October 16, 2024 | SAIHEAT Limited | |
| By: | /s/ Risheng Li | |
| Name: | Risheng Li | |
| Title: | Chief Executive Officer | |
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Exhibit 99.1
SAIHEAT Announces the Signing of Memorandum of Understanding (MoUs) to strengthen its position in the nuclear and Small Modular Reactor (SMR) markets
SINGAPORE, Oct 10, 2024 (GLOBE NEWSWIRE) --SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), announces the signing of two Memorandum of Understanding (“MoUs”) concerning HEATNUC products. These MoUs aim to promote cooperation in the Middle Eastern and international small modular reactor sectors while also gaining broader corporate management experience. The MoUs are intended to enhance SAIHEAT’s competitiveness in the Middle Eastern and global markets, further advancing its regional localization strategy as they jointly expand cooperative markets.
The MoU entered into with Kinze Nuclear Innovation (Beijing) International Energy Technology Services Co., Ltd., signifies the establishment of a strategic partnership focused on providing nuclear technology consulting and training, system, software, and hardware V&V, as well as digitalization services for the nuclear and oil & gas industries in China. The objective is to enhance technical capabilities within the Chinese nuclear industry and create greater value as a strategic goal. The collaboration also includes joint R&D activities and the provision of critical systems and components.
The other MoU, inked with Jiangsu Jintonglingguang Nuclear Energy Technology Co., Ltd., outlines plan for joint production of nuclear equipment, SMR equipment and spare parts, aiming to enhance competitiveness and localization rates. This MoU aims to leverage complementary advantages in nuclear power and SMR projects to improve competitiveness in the Middle East and international markets, as well as increase localization rates. Jiangsu Jintong has the capability for batch manufacturing of main equipment for nuclear islands and conventional island turbine generator units, covering all domestic technical routes including Generation II+, imported Generation III (EPR, AP1000), indigenous Generation III (Hualong One, Guohe One), Generation IV nuclear power (sodium-cooled fast reactor, high-temperature gas-cooled reactor), and modular small reactors for offshore floating platforms. This collaboration facilitates the exchange of management experience and broader corporate management practices for both parties.
These MoUs emphasize collaborative development and mutual benefit by sharing expertise in project management, marketing, and business practices within the nuclear power and small modular reactor industries. Additionally, the Company and its partners plan to explore opportunities to expand their global presence by establishing joint venture export enterprises.
The Company’s initiatives support HEATNUC’s strategic goals to solidify its position as a key player in the global nuclear sector. By leveraging partnerships, the Company aims to provide innovative solutions and uphold the highest standards of quality and safety. This approach ensures that HEATNUC remains at the forefront of industry advancements and reinforces its leadership in the market.
About HEATNUC
HEATNUC is a Small Modular Reactor Division of SAIHEAT, dedicated to developing 3rd generation PWR and 4th generation SFR and HTGR. HEATNUC also promotes utilizing the high-temperature electrolytic refining fuel cycle to extend the usage life of uranium ore to tens of thousands of years, while actively assisting in the development of global uranium raw material resources.
About SAIHEAT
SAIHEAT Limited is a Nasdaq-listed (SAIH) company headquartered in Singapore. SAIHEAT develops technologies for the Advanced Computing Center Ecosystem (ACCE), a next-gen computing center featuring high-performance servers, advanced liquid cooling, and systems for capturing and recycling computing heat. Our innovations aim to reduce the carbon footprint of Bitcoin mining and AI operations.
Formerly known as SAI.TECH Global Corporation, SAIHEAT became a publicly traded company on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation in May 2022. For more information on SAIHEAT, please visit https://www.saiheat.com
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements include, but not limited to, statements concerning SAI.TECH and the Company’s operations, financial performance, and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. SAI.TECH cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic, and social conditions around the world including those discussed in SAI.TECH’s Form 20-F under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and SAI.TECH specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.
Media Contact
pr@saiheat.com
Investor Relations Contact
ir@saiheat.com
Exhibit 99.2
SAIHEAT Announces Receipt of Notification from Nasdaq
Singapore, October 11, 2024 (GLOBE NEWSWIRE) -- SAIHEAT Limited (f/k/a SAI.TECH Global Corporation) (“SAIHEAT” or the “Company”) (NASDAQ: SAIH, SAITW), announces that it has received a written notification (the “Notification Letter”) on October 2, 2024, from the Listings Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”). The Notification Letter advised that for the last 30 consecutive business the minimum closing bid price per share for the Company’s ordinary shares was below the $1.00 per share requirement for continued listing under Nasdaq Listing Rule 5550(a)(2).
The Nasdaq notification letter has no current effect on the listing or trading of the Company’s securities on Nasdaq.
Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until March 31, 2025, to regain compliance under the Nasdaq Listing Rules. If at any time during this compliance period, the closing bid price of the Company’s Class A Ordinary Shares is US$1.00 per share or higher for a minimum of ten consecutive business days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance by March 31, 2025, it may be eligible for an additional 180 calendar day period to regain compliance.
The Company intends to actively monitor the bid price for its shares and will evaluate available options to regain compliance with the continued listing requirements.
About SAIHEAT
SAIHEAT Limited is a Nasdaq-listed (SAIH) company headquartered in Singapore. SAIHEAT develops technologies for the Advanced Computing Center Ecosystem (ACCE), a next-gen computing center featuring high-performance servers, advanced liquid cooling, and systems for capturing and recycling computing heat. Our innovations aim to reduce the carbon footprint of Bitcoin mining and AI operations.
Formerly known as SAI.TECH Global Corporation, SAIHEAT became a publicly traded company on the Nasdaq Stock Market (NASDAQ) through a merger with TradeUP Global Corporation in May 2022. For more information on SAIHEAT, please visit https://www.saiheat.com
Safe Harbor Statement
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements include, but not limited to, statements concerning SAIHEAT and the Company’s operations, financial performance, and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. SAIHEAT cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic, and social conditions around the world including those discussed in SAIHEAT’s Form 20-F under the headings “Risk Factors”, “Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward-looking statements are applicable only as of the date it is made and SAIHEAT specifically disclaims any obligation to maintain or update the forward-looking information, whether of the nature contained in this release or otherwise, in the future.
Media Contact
pr@saiheat.com
Investor Relations Contact
ir@saiheat.com