ENGLEWOOD, Colo., Jan. 23, 2025 /PRNewswire/ — XTI Aerospace, Inc. (NASDAQ: XTIA) (“XTI” or the “Company”), a pioneer in advanced Vertical Takeoff and Landing (“VTOL”), Powered-Lift aircraft solutions, today issued the following letter to shareholders.
Dear Fellow XTI Aerospace Shareholders –
At the outset, I would like to take a moment to recognize that 2024 was a transformative year for XTI and extend my gratitude for your continued support in 2025 and beyond.
Along with the rest of our management team, I would like to update you on recent accomplishments supportive of our growth including strengthening our balance sheet and improving our overall financial condition, as well as making significant advancements in the development of the TriFan 600.
Business Highlights (Current)
- Raised $20,000,000 in gross proceeds through the sale of common stock, priced at-the-market under Nasdaq rules at an offering price of $13.75 per share (post 1-for-250 reverse stock split basis)
- Raised an additional approximately $25,000,000 in gross proceeds since the end of Q1 of 2024, by offering common stock at-the-market (ATM)
Under the offering terms, we have a standstill in place with respect to use of the ATM
- Reduced total balance sheet liabilities as of December 31, 2024 when compared to total liabilities as of September 30, 2024
- Streamlined our capitalization structure through the exchange for common stock and redemption of outstanding preferred stock and warrants
- Completed General Familiarization (Gen Fam) meeting with the Federal Aviation Administration (FAA) attended by more than 60 FAA representatives
- Released C211.2 configuration of Tri Fan 600 aircraft, enhancing aerodynamic performance and stability
- Made substantial progress with details of the aircraft including systems, structures, flight deck, cabin layout, and drivetrain, among other design items, in anticipation of the filing of our FAA Type Certification
- Advanced relationships with critical vendors
- Announced entry into non-binding agreement to acquire equity interest in ReadyMonitor AI-powered, autonomous drone company
- Formed Corporate Advisory Board of industry leaders in technology and aviation
- Launched Hangar X Studios to highlight our aerospace industry leadership and produced and distributed eleven episodes
In my view, XTI Aerospace is positioned at the intersection of great innovation and tremendous opportunity. The business climate is highly favorable for execution, and we are firmly focused on delivering long-term value. We are grateful for you, our shareholders; your support is critical to our success.
Respectfully,
/s/ Scott Pomeroy
Chief Executive Officer
Read the full press release on our Investor Relations site.