XTI Aerospace Began Trading on the Nasdaq Under Ticker "XTIA" on March 13, 2024 Following Successful Merger
ENGLEWOOD, Colo., April 16, 2024 /PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ: XTIA) ("XTI Aerospace" or the "Company") announces filing its form 10-K for the 2023 fiscal year as well as provides a recap of recent achievements.
XTI Aerospace Logo (PRNewsfoto/XTI Aerospace, Inc.)
Recent Highlights:
Completed merger with Inpixon on March 12, 2024
Began trading on the Nasdaq Capital Market under ticker "XTIA" on March 13, 2024
Scott Pomeroy, chief executive officer of XTI Aerospace, commented, "On March 12, 2024, we successfully completed the merger of Inpixon and XTI Aircraft Company resulting in the formation of XTI Aerospace, Inc., a Nasdaq-listed public company focused on revolutionizing air travel. We are truly at an inflection point at XTI Aerospace, as we accelerate our journey towards commercialization of the Trifan 600, a fixed-wing, vertical lift crossover airplane designed to bridge the gap within the aviation industry by combining the performance of a fixed-wing business aircraft with the versatility of vertical takeoff and landing (VTOL). We expect the TriFan 600 to be able to serve nearly every segment of private air travel.
"Validating the demand for a crossover airplane are the 700+ pre-orders1 XTI has received to date which have the potential to generate over $7 billion in gross revenue2 upon delivery. Our highly experienced leadership team is leveraging our innovative designs and patented intellectual property to advance the TriFan toward achievement of significant development milestones and ultimately full-scale commercialization. Overall, we are extremely well positioned to execute our business strategy, which we believe will increase value for our shareholders.
"We encourage interested parties to watch the replay of our recent multi-media business update presentation which provides important details about the business and our strategy, and is available on the Investor Relations section of our website at https://ir.xtiaerospace.com/. We look forward to sharing our journey with stakeholders and providing material updates in the future," concluded Mr. Pomeroy.
The Company has filed its Form 10-K for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission today, April 15, 2024. The Form 10-K is also available on the Company's website. The financial results reflect the results of pre-merger operations for Inpixon including significant one-time transaction-related expenses related to the XTI merger and Inpixon's other strategic transactions. XTI Aircraft Company was effectively a pre-revenue company in 2023, focused on advancing the Trifan 600 and securing pre-orders in advance of commercial launch.
Conference Call
In lieu of hosting a conference call in connection with reporting fiscal year earnings, management hosted a business update presentation on March 25, 2024, which is available on the Investor Relations section of the Company's website at https://ir.xtiaerospace.com/.
Footnotes
1 Conditional pre-orders refers to a combination of conditional aircraft purchase agreements, non-binding reservation deposit agreements, options and letters of intent from potential purchasers. 2 Based on XTI's current list price of $10 million per aircraft and assuming XTI is able to execute on the development program for the TriFan 600, secure FAA certification, and deliver the aircraft.
About XTI Aerospace, Inc.
XTI Aerospace is the parent company of XTI Aircraft Company (XTIAircraft.com), 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 345 mph and a range of 700 miles, creating an entirely new category – the vertical lift crossover airplane (VLCA). For more information about XTI Aerospace, please visit XTIAerospace.com. Additionally, the Inpixon business unit (inpixon.com) of XTI Aerospace is a leader in 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 the RTLS business please visit Inpixon.com.
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 the products under development by XTI, the advantages of XTI's and RTLS's technology, the combined company'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," "estimate," "will," "expect," "intend," "plan," "target," "projects," "will," 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 Aerospace and its management, are inherently uncertain, and many factors may cause the actual results to differ materially from current expectations.
