ENGLEWOOD, Colo., Jan. 10,
2025 /PRNewswire/ -- XTI Aerospace, Inc.
(Nasdaq: XTIA), ("XTI" or the "Company"), a pioneer in
advanced aircraft design, today announced the closing of its
previously announced best-efforts offering of 1,454,546 shares of
common stock, priced at-the-market under Nasdaq rules at an
offering price of $13.75 per share, on a post 1-for-250
reverse stock split basis. Gross proceeds from the offering were
approximately $20,000,000, before
deducting the placement agent's fees and other offering expenses.
All the shares in the offering were offered by the Company.
The Company intends to use the net proceeds from the offering
primarily for working capital and general corporate purposes.
ThinkEquity acted as sole placement agent for the offering.
The securities were offered and sold pursuant to the Company's
currently effective shelf registration statement on Form S-3 (File
No. 333-279901), including a base prospectus, filed with the U.S.
Securities and Exchange Commission (the "SEC") on May 31, 2024 and declared effective on
June 18, 2024. The offering was made
by means of a prospectus supplement and prospectus which have been
filed with the SEC and available on the SEC's website
at www.sec.gov. You should read the applicable prospectus
supplement and prospectus for more complete information about the
Company and the offering. You may obtain these documents free of
charge by visiting the SEC website at www.sec.gov.
Alternatively, you may obtain copies by contacting ThinkEquity, 17
State Street, 41st Floor, New York, New
York 10004.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About XTI Aerospace, Inc.
XTI Aerospace (XTIAerospace.com) (NASDAQ: XTIA) is the
parent company of XTI Aircraft Company, an aviation business based
near Denver, Colorado,
currently developing the TriFan 600, a fixed-wing business aircraft
designed to have the vertical takeoff and landing (VTOL) capability
of a helicopter, speeds of up to 345 mph and a range of
approximately 700 miles, creating an entirely new category – the
vertical lift crossover airplane (VLCA). Additionally, the Inpixon
(inpixon.com) business unit of XTI Aerospace is a leader in
real-time location systems (RTLS) technology with customers around
the world who use the company's location intelligence solutions in
factories and other industrial facilities to help optimize
operations, increase productivity, and enhance safety. For more
information about XTI Aerospace, please
visit XTIAerospace.com and HangerXStudios.com (an
aviation innovation podcast), and follow the company
on LinkedIn, Instagram, X, and YouTube.
Forward Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act,
and Section 21E of the Exchange Act. All statements other than
statements of historical fact contained in this press release,
including without limitation, statements about the products under
development by XTI, the advantages of XTI's technology, and XTI's
customers, plans and strategies are forward-looking statements.
Some of these forward-looking statements can be identified by the
use of forward-looking words, including "believe," "continue,"
"could," "would," "will," "estimate," "expect," "intend," "plan,"
"target," "projects," or the negatives of these terms or variations
of them or similar expressions. All forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. All forward-looking
statements are based upon estimates, forecasts, and assumptions
that, while considered reasonable by XTI and its management, are
inherently uncertain, and many factors may cause the actual results
to differ materially from current expectations. XTI undertakes no
obligation to revise any forward-looking statements in order to
reflect events or circumstances that might subsequently arise.
Readers are urged to carefully review and consider the risk factors
discussed from time to time in XTI's filings with the SEC,
including those factors discussed under the caption "Risk Factors"
in its most recent annual report on Form 10-K, filed with the SEC
on April 16, 2024, and in subsequent reports filed with or
furnished to the SEC.
Contacts:
General inquiries:
Email: contact@xtiaerospace.com
Web: https://xtiaerospace.com/contact
Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: XTIA@crescendo-ir.com
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SOURCE XTI Aerospace, Inc.
