XTI Aerospace completes $20 million public offering

XTI Aerospace Inc. (NASDAQ: XTIA) announced the completion of its public offering that raised $20 million in gross proceeds before fees and expenses.

The company sold 12.5 million shares of common stock and pre-funded warrants at a combined price of $1.60 per share, along with warrants to purchase up to 12.5 million additional shares. The warrants have an exercise price of $2.00 per share and remain exercisable for five years from the date of issuance.

XTI Aerospace plans to use the net proceeds for working capital and general corporate purposes, including development of its TriFan 600 aircraft. The company may also allocate funds toward investments in or acquisitions of businesses or technologies, though it has no current commitments to do so.

ThinkEquity served as the sole placement agent for the offering, which was conducted under a shelf registration statement filed with the Securities and Exchange Commission on August 1 and declared effective on August 12.

The Englewood, Colorado-based company develops vertical takeoff and landing aircraft through its XTI Aircraft Company subsidiary. The TriFan 600 is designed as a fixed-wing business aircraft with helicopter-like vertical takeoff capabilities, maximum cruising speeds exceeding 300 mph, and a range of up to 1,000 miles.

XTI Aerospace also operates the Inpixon business unit, which provides real-time location systems technology for industrial facilities.

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