ENGLEWOOD, Colo., Jan. 7, 2025
/PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq: XTIA), ("XTI" or the
"Company"), a pioneer in advanced aircraft design, today
announced the pricing of a best-efforts offering of 363,636,364
shares of its common stock priced at-the-market under Nasdaq rules.
Each share of common stock is being sold at an offering price of
$0.055 per share. All of the shares
in the offering are being offered by the Company. Total gross
proceeds from the offering, before deducting the placement agent's
fees and other offering expenses, are expected to be approximately
$20,000,000. The offering is expected
to close on January 10, 2025, subject
to satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering
primarily for general working capital and general corporate
purposes.
ThinkEquity is acting as sole placement agent for the
offering.
The securities will be offered and sold pursuant to a 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 will be made only by means of a
written prospectus. A prospectus supplement and accompanying
prospectus describing the terms of the offering will be filed with
the SEC on its website at www.sec.gov. Copies of the prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained, when available, from the offices of
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.
