XTI Aerospace Secures $20 Million JPMorgan Chase & Co. Asset-Based Lending Facility

Core Insights - XTI Aerospace has secured a $20 million Asset-Based Lending facility from JPMorgan Chase & Co. to enhance liquidity and support growth initiatives [1] - The facility will provide funding for working capital, future growth, and routine dividends, while also repaying $10.5 million of existing debt incurred during the acquisition of Drone Nerds [1] - The CEO emphasized that this credit facility aligns the company's capital structure with its operational model and will support revenue growth from the Drone Nerds platform [1] Financial Details - The credit facility offers up to $20 million in revolving borrowing capacity, based on eligible accounts receivable and inventory [1] - Proceeds from the facility will be utilized to repay $10.5 million of existing indebtedness [1] Company Overview - XTI Aerospace focuses on advancing vertical flight technology and operates through its Drone Nerds subsidiary, which provides unmanned aircraft systems and related services [1] - The company is also engaged in developing advanced vertical takeoff and landing aircraft [1]