Core Viewpoint - XTI Aerospace, Inc. has successfully closed a public offering of 9,143,000 shares of common stock and warrants, raising approximately $16 million for working capital and the development of the TriFan 600 airplane [1][2]. Group 1: Offering Details - The public offering price was set at $1.75 per share, which includes the exercise price of pre-funded warrants [1]. - An additional 1,371,000 Common Warrants were sold due to the underwriter's over-allotment option [1]. - Each Common Warrant allows the holder to purchase one share of common stock at an exercise price of $2.00, expiring five years from issuance [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for working capital and general corporate purposes, specifically for the development of the TriFan 600 airplane [2]. Group 3: Company Overview - XTI Aerospace is developing the TriFan 600, a fixed-wing business aircraft with vertical takeoff and landing (VTOL) capabilities, maximum cruising speeds exceeding 300 mph, and a range of over 1,000 miles [5]. - The company also has a business unit, Inpixon, which specializes in real-time location systems (RTLS) technology for industrial applications [5].
XTI Aerospace Announces Closing of $16 Million Public Offering