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.
Recent Highlights:
- Completed merger with Inpixon on March
12, 2024
- Began trading on the Nasdaq Capital Market under ticker "XTIA"
on March 13, 2024
- Hosted business update presentation on March 25, 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.
Cautionary Statement Regarding Forward-Looking
Statements
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.
Contacts
General inquiries:
Email: contact@xtiaerospace.com
Web: https://xtiaerospace.com/contact/
Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: XTIA@crescendo-ir.com
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SOURCE XTI Aerospace, Inc.