XTI Aerospace Successfully Closes $20 Million Stock Offering to Fuel Future Innovations

XTI Aerospace Closes $20 Million in Common Stock Offering

XTI Aerospace, Inc. has officially announced the closing of its previously declared best-efforts offering, successfully securing approximately $20 million through the sale of 1,454,546 shares of common stock. This offering was priced at $13.75 per share, and the funds will be primarily allocated for working capital and various corporate initiatives.

Overview of the Offering

The offering was conducted under the regulations set forth by Nasdaq and was facilitated by ThinkEquity, acting as the sole placement agent. Following a 1-for-250 reverse stock split, all shares offered were procured directly from the company, showcasing the confidence in XTI Aerospace’s growth trajectory. The gross proceeds are expected to bolster the company’s financial standing, allowing it to invest further in advancing their aircraft development projects, particularly the TriFan 600.

The TriFan 600 is a unique creation in aviation, characterized as a fixed-wing business aircraft equipped with vertical takeoff and landing (VTOL) capabilities. Its design aims to achieve speeds of up to 345 mph and a range of around 700 miles, representing a significant leap in efficiency and versatility in air transportation. This innovative model is designed to blur the lines between traditional airplanes and helicopters, thereby creating an entirely new category known as Vertical Lift Crossover Airplane (VLCA).

Use of Proceeds

The net proceeds from this stock offering will enable XTI to enhance its working capital, ensuring they have the resources necessary to propel their innovative projects forward. This is essential not only for the sustained development of the TriFan 600 but also for maintaining competitive momentum in the aerospace sector.

Regulatory Aspects

It’s important to note that this offering was executed in accordance with a previously effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). The effective date of this registration was June 18, 2024, emphasizing the regulatory compliance and transparency maintained by XTI Aerospace throughout this process. Potential investors are encouraged to review the accompanying prospectus supplement for a deeper understanding of the offering details and associated risks.

Company Background

XTI Aerospace, headquartered near Denver, Colorado, is recognized as a pioneer in the advanced aircraft design sector. The company is not only focused on the TriFan 600 project but also runs a division, Inpixon, which specializes in real-time location systems technology. This technology serves customers worldwide in enhancing operational efficiency and safety in industrial environments.

With ambitious plans for future developments, XTI Aerospace is set to redefine air travel, blending innovative aircraft design with cutting-edge technology. As the company progresses, stakeholders can expect continued updates on their pioneering aircraft projects and overall business strategies.

Conclusion

The successful close of this stock offering signifies a robust roadmap ahead for XTI Aerospace as they aim to maintain their leadership in aviation innovation. By securing essential funding, they are positioned well to navigate the competitive landscape while fostering technological advancements and enhancing overall operational capacities. For more information about XTI Aerospace and its offerings, visit XTIAerospace.com and stay connected via their social media channels for the latest news and updates in aviation technology.