Welcome to our dedicated page for XTI Aerospace news (Ticker: XTIA), a resource for investors and traders seeking the latest updates and insights on XTI Aerospace stock.
XTI Aerospace, Inc. (NASDAQ: XTIA) is a pioneering aircraft manufacturer currently engaged in the development of the TriFan 600, a groundbreaking vertical takeoff and landing (VTOL) aircraft. The TriFan 600 is designed to revolutionize air travel by offering point-to-point flights over distances of up to 700 miles, significantly reducing carbon emissions compared to conventional gasoline-powered jets and helicopters.
The TriFan 600 can accommodate six passengers and is engineered for a wide range of applications, from private and commercial aviation to emergency medical services (EMS). The aircraft promises to bridge the gap within the aviation industry by combining the performance of a fixed-wing business aircraft with the versatility of VTOL. The company has secured over 700 conditional pre-orders, reflecting a potential market demand that could generate over $7 billion in revenue upon delivery.
Headquartered in Englewood, Colorado, XTI Aerospace also maintains operations in Germany and the United Kingdom. The company recently announced a merger with Inpixon, integrating XTI Aircraft Company to form XTI Aerospace. As a result, the company's stock began trading on the Nasdaq under the symbol 'XTIA' on March 13, 2024.
XTI Aerospace is committed to advancing the TriFan 600 towards FAA certification and commercial production. The company's recent partnerships, including one with AVX Aircraft Company, aim to accelerate development while reducing costs. The new leadership team, led by Chairman and CEO Scott Pomeroy, brings decades of aviation experience, further solidifying the company's strategic direction.
For additional information about XTI Aerospace, including news and updates, please visit XTIAerospace.com.
XTI Aerospace (XTIA) has announced the addition of David Oppenheimer to its Corporate Advisory Board. Oppenheimer brings over 40 years of experience in emerging technologies and national policy. His background includes leading global research teams in advanced analog computing and optical display technologies for defense applications, working with General Atomics on commercial aircraft development, and serving as president of National Sensor
Oppenheimer previously advised the Chairman of the U.S. House Committee on Science, Space, and Technology, contributing to bipartisan policies on patent rights, foreign policy, and technological innovation. His expertise extends to nuclear materials control and studies on chemical and biological threats. Michael Tapp, Chairman of the XTI Corporate Advisory Board, highlighted Oppenheimer's extensive experience in sciences and aviation, noting his belief in XTI's potential impact on the future of air travel.
XTI Aerospace (NASDAQ: XTIA) has signed a non-binding MOU to acquire a 30% equity stake in ReadyMonitor, an AI-powered autonomous drone company, with an option to acquire the remaining 70% within 12 months. The transaction is expected to close in Q1 2025.
ReadyMonitor holds a unique FAA waiver allowing for drone operations beyond visual line of sight without human presence. The company provides Drone-as-a-Service solutions to enterprise customers, offering 100% turnkey solutions with remote autonomous operation through their 24/7 Operations Center.
The acquisition aims to combine drone technology with VTOL innovation, potentially accelerating XTI's development of both UAV and VTOL solutions. DroneNerds, the largest UAV dealer in the US and current 40% stakeholder in ReadyMonitor, supports the transaction and will continue providing customer access and service.
XTI Aerospace (NASDAQ: XTIA) has successfully closed its previously announced best-efforts offering, raising $20 million through the sale of 1,454,546 shares of common stock. The shares were priced at-the-market at $13.75 per share on a post 1-for-250 reverse stock split basis.
ThinkEquity served as the sole placement agent for the offering, which was conducted under the company's effective shelf registration statement on Form S-3. The net proceeds will be primarily used for working capital and general corporate purposes. The offering was made through a prospectus supplement and prospectus filed with the SEC.
XTI Aerospace (NASDAQ: XTIA) has announced a best-efforts offering of 363,636,364 shares of common stock priced at-the-market under Nasdaq rules. The shares are being offered at $0.055 per share, with expected gross proceeds of approximately $20 million.
The offering is anticipated to close on January 10, 2025, subject to customary closing conditions. The company plans to use the net proceeds for general working capital and corporate purposes. ThinkEquity is serving as the sole placement agent for this offering.
The securities will be offered through a shelf registration statement on Form S-3 filed with the SEC on May 31, 2024, which became effective on June 18, 2024.
XTI Aerospace (NASDAQ: XTIA) has announced a strategic update for 2025, including a 1-for-250 share consolidation of its common stock. The consolidation, effective January 10, 2025, aims to regain Nasdaq compliance and strengthen the company's position for long-term growth.
Following improvements to its balance sheet and cap table structure in 2024, XTI plans to raise capital and pursue strategic acquisitions. The company is focusing on expanding its leadership in the VTOL industry, particularly with its flagship product, the TriFan 600, following the FAA's formalization of the powered-lift category.
The share consolidation will maintain shareholders' ownership percentages, with fractional shares rounded up. Outstanding stock options and warrants will be adjusted accordingly, while the number of authorized shares and par value remain unchanged. Computershare will manage the exchange process for shareholders of record.
XTI Aerospace (XTIA) completed a General Familiarization presentation of its TriFan 600 aircraft to the FAA on November 14, 2024, marking a significant milestone toward FAA Type Certification. The presentation, attended by over 60 FAA representatives, showcased the aircraft's innovative design, systems, and vertical lift capabilities.
The TriFan 600 represents a new category of aircraft called vertical lift crossover airplane (VLCA), combining helicopter-like takeoff and landing capabilities with fixed-wing airplane efficiency. XTI has been collaborating with the FAA's Center for Emerging Concepts & Innovation division on developing certification guidelines for powered-lift aircraft. The aircraft is designed for various applications, including advanced air mobility, regional transportation, emergency medical services, and corporate travel.
XTI Aerospace (XTIA) announces the completion of a business combination between its former subsidiary Grafiti Holding (renamed to Damon Inc.) and Damon Motors. As part of the transaction, XTI Aerospace received Damon common stock and warrants. Damon shares will trade on Nasdaq Global Market under 'DMN' starting November 18, 2024.
The previously announced 1-for-50 share distribution of Damon common shares to XTI Aerospace stockholders (record date December 27, 2023) has been completed. The distributed shares are subject to lock-up restrictions with a phased release: 20% at closing, 40% at 90 days, and 40% at 180 days post-closing.
XTI Aerospace (NASDAQ: XTIA) provided its Q3 2024 business update, highlighting progress on the TriFan 600 vertical lift crossover airplane development. The company is completing its conceptual design review phase and expects to begin preliminary design review in early 2025. XTI launched Version 1.9 of its Flight Transition Simulator with One-Engine-Inop capabilities. The company formed a Corporate Advisory Board with Michael Tapp as Chairman and appointed Tobin Arthur as Chief Strategy Officer. The FAA published a Special Federal Aviation Regulation establishing a framework for powered-lift operations, which XTI views as significant for urban mobility development.
XTI Aerospace (NASDAQ: XTIA) has appointed Javier de la Peña, Strategy and Operations Executive at Woven by Toyota, to its Corporate Advisory Board. De la Peña brings over 15 years of experience in transportation, robotics, and technology sectors. In his current role, he focuses on Toyota's sustainability and next-generation mobility services initiatives. His background includes fellowships at Google and eBay, and a master's degree from Georgetown University. The appointment aims to leverage his expertise in technology and transportation innovation for the development and market launch of XTI's TriFan 600 aircraft.
XTI Aerospace (NASDAQ: XTIA) has appointed Jennifer Gaines as Chief Legal Officer, effective October 28, 2024. Gaines, who will report to Chairman and CEO Scott Pomeroy, brings nearly three decades of in-house counsel experience across technology, telecommunications, aerospace, and private equity sectors. She previously held senior legal positions at Nemetschek Group, SoftwareOne, Shift Technologies, and other companies. The appointment aims to strengthen XTI's legal and compliance functions as the company works toward bringing its TriFan 600 to market.
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