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XTI Aerospace, Inc. (NASDAQ: XTIA) is a pioneering aircraft manufacturer currently engaged in the development of the TriFan 600, a groundbreaking vertical takeoff and landing (VTOL) aircraft. The TriFan 600 is designed to revolutionize air travel by offering point-to-point flights over distances of up to 700 miles, significantly reducing carbon emissions compared to conventional gasoline-powered jets and helicopters.
The TriFan 600 can accommodate six passengers and is engineered for a wide range of applications, from private and commercial aviation to emergency medical services (EMS). The aircraft promises to bridge the gap within the aviation industry by combining the performance of a fixed-wing business aircraft with the versatility of VTOL. The company has secured over 700 conditional pre-orders, reflecting a potential market demand that could generate over $7 billion in revenue upon delivery.
Headquartered in Englewood, Colorado, XTI Aerospace also maintains operations in Germany and the United Kingdom. The company recently announced a merger with Inpixon, integrating XTI Aircraft Company to form XTI Aerospace. As a result, the company's stock began trading on the Nasdaq under the symbol 'XTIA' on March 13, 2024.
XTI Aerospace is committed to advancing the TriFan 600 towards FAA certification and commercial production. The company's recent partnerships, including one with AVX Aircraft Company, aim to accelerate development while reducing costs. The new leadership team, led by Chairman and CEO Scott Pomeroy, brings decades of aviation experience, further solidifying the company's strategic direction.
For additional information about XTI Aerospace, including news and updates, please visit XTIAerospace.com.
XTI Aerospace (NASDAQ: XTIA) has provided a business update for Q2 2024, highlighting progress on its TriFan 600 aircraft development. Key points include:
1. A letter of intent with AVX Aircraft Company for design and certification services.
2. Advancement of the C211.2 configuration to optimize aerodynamic performance.
3. Conditional preorders for 100 TriFan 600 aircraft from Mesa Air Group, potentially worth $1 billion.
4. A proposed strategic equity investment of up to $55 million from FC Imperial
The company outlined several milestones for 2024-2025, including finalizing the AVX agreement, selecting key suppliers, and completing the preliminary design review by Q4 2025.
XTI Aerospace (NASDAQ: XTIA) has released a new corporate video showcasing its TriFan 600, a fixed-wing vertical takeoff and landing (VTOL) aircraft currently in development. The video, available on the company's website, is hosted by XTI Aircraft founder David Brody. CEO Scott Pomeroy expressed excitement about sharing the video, highlighting the company's ambition to revolutionize aviation with the TriFan 600.
The TriFan 600 is described as a game-changer for aviation, combining the versatility of helicopters with the speed of airplanes. The video aims to provide insights into the aircraft's development and the company's progress in bringing this innovative concept to reality.
XTI Aerospace has announced a strategic equity investment agreement with FC Imperial , linked to the FinExic Concordia Group, for up to $55 million. This investment values XTI at $275 million. The capital is expected to accelerate the development of XTI's TriFan 600, a long-range VTOL business aircraft. The funding will support key milestones, including design and assembly phases. XTI's CEO, Scott Pomeroy, emphasized the alignment of values and vision between the organizations. The investment consortium sees the TriFan 600 as a versatile aircraft with potential for global adoption across various sectors, including healthcare, emergency services, and luxury travel.
XTI Aerospace (NASDAQ: XTIA) announced the submission of a new U.S. patent application and a global PCT patent application for innovations related to its TriFan 600 VTOL aircraft. This follows a utility patent issued by the China National Intellectual Property Administration, enhancing XTI's existing patent portfolio. The new patents cover the pivoting ducted fans of the TriFan 600, enabling efficient transition from vertical lift to horizontal thrust.
CEO Scott Pomeroy highlighted the company's commitment to innovation and strategic growth. The TriFan 600 aims to revolutionize air travel by combining the benefits of conventional business aircraft with the flexibility of VTOL technology, targeting diverse markets including business, commuter, and regional airlines, as well as medevac operators. The company has already conducted multiple hover tests and signed a Letter of Intent with AVX Aircraft for further development, expected to accelerate the program and reduce engineering expenses.
XTI Aerospace announced Mesa Airlines' investment and conditional pre-order for up to 100 TriFan 600 aircraft. The order, if fully exercised, could generate up to $1 billion in revenue for XTI Aerospace. Mesa Airlines has also taken warrants and a minority stake in common stock shares of XTI Aerospace.
Jonathan Ornstein, CEO of Mesa Air Group, highlighted the unique capabilities of the TriFan 600, including VTOL capabilities, longer range, and higher speed, which align with advancements in sustainable aviation. Scott Pomeroy, CEO of XTI Aerospace, emphasized the market potential of the TriFan 600, citing its 345 mph speed and 700-mile range as competitive advantages.
Ornstein compared the TriFan 600 to a
XTI Aerospace (NASDAQ: XTIA) has signed a Letter of Intent (LOI) with AVX Aircraft Company to design, develop, and certify XTI's TriFan 600, a vertical lift crossover airplane (VCLA). The definitive agreement, expected soon, aims to reduce costs and shorten the development timeline. AVX will act as the prime contractor, providing engineering and certification support, leveraging their extensive expertise in rotorcraft technology. The TriFan 600 combines the comfort of conventional business aircraft with vertical takeoff and landing (VTOL) capabilities, offering diverse applications from business and charter services to medevac and rescue missions.
XTI Aerospace (NASDAQ: XTIA) announced its participation in the Spring MicroCap Rodeo Conference on June 6, 2024, in New York City.
CEO Scott Pomeroy will present at 10:00 a.m. Eastern Time.
The presentation will be webcast live and available for replay on the company's investor relations website.
The management team will host 1-on-1 meetings with approved investors throughout the conference.
Further details and registration can be found on the MicroCap Rodeo website.
XTI Aerospace (NASDAQ: XTIA) has provided an update on the spin-off of its former subsidiary, Grafiti Holding, and its proposed business combination with Damon Motors.
The record date for determining eligible shareholders for the spin-off was set to December 27, 2023. Grafiti's registration statement is currently under SEC review. The business combination with Damon Motors is also contingent on several regulatory approvals, including clearance from the British Columbia Securities Commission and Nasdaq listing approval.
Upon completion, the combined company intends to list on Nasdaq. Shareholders will receive their shares through a liquidating trust and will be subject to lock-up restrictions post-consummation of the business combination.
These shares will be non-certificated and non-tradable until the business combination is finalized. The completion of this transaction is expected in the coming months, subject to fulfilling regulatory and closing conditions. Record Date Securityholders will retain their XTI shares along with new Grafiti shares, holding approximately 18.75% of the combined company.
XTI Aerospace, listed on NASDAQ under the ticker XTIA, has announced that CEO Scott Pomeroy will be featured on the Benzinga All Access show today, May 21, 2024, at 11:00 AM Eastern Time. The discussion will cover topics such as the aviation market, business aircraft segment, vertical takeoff and landing (VTOL) aircraft, electric VTOL (eVTOL), and the FAA's 'powered-lift' category. The live event can be viewed on YouTube, and an archived version will be available on XTI Aerospace's investor relations website.
XTI Aerospace (NASDAQ: XTIA) has filed its Form 10-Q for the quarter ended March 31, 2024. The first quarter marked significant milestones, including completing a merger and beginning trading on Nasdaq. The company is advancing its TriFan 600 aircraft by working on certification with the FAA, selecting suppliers, and completing the Critical Design Review (CDR). XTI Aerospace has secured substantial pre-orders for the TriFan 600, potentially generating billions in gross revenue upon delivery. Strategic partnerships are also being pursued to accelerate timelines and reduce costs.
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