Business
XTI Aerospace Announces Closing of $20 Million Common Stock Offering
ENGLEWOOD, Colo., Jan. 10, 2025 /PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq: XTIA), ("XTI" or the "Company"), a pioneer in advanced aircraft design, today
About this update from Xti Aerospace, Inc.
[{"type":"text","content":"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.\n\n \n \n \n \n \n \n\n \nThe Company intends to use the net proceeds from the offering primarily for working capital and general corporate purposes.\nThinkEquity acted as sole placement agent for the offering.\nThe 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.\nThis 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.\nAbout XTI Aerospace, Inc.\nXTI 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...