XTI Aerospace Issues Common Stock in Exchange Agreement

XTI Aerospace, Inc. (NASDAQ: XTIA) recently disclosed in an 8-K filing with the Securities and Exchange Commission that the company has agreed to issue 5,267,558 shares of common stock, referred to as the “Preferred Exchange Shares,” to a holder of its Series 9 Preferred Stock. This issuance is conducted at an effective price per share of $0.0598. In exchange for these new shares, the holder is returning and canceling 300 shares of Series 9 Preferred Stock with an aggregate stated value of $315,000. The agreement for this transaction was dated October 31, 2024.

The issuance of the Preferred Exchange Shares falls under an exemption from registration outlined in Section 3(a)(9) of the Securities Act of 1933. This exemption is based on several conditions, including the issuance being in exchange for other existing securities of the company, no additional consideration provided by the holder for the exchange, and no commissions or other compensation paid by the company in relation to the exchange.

Following the issuance of the Preferred Exchange Shares, as of October 31, 2024, XTI Aerospace now has a total of 86,308,782 shares of common stock outstanding. The company confirmed that it issued these shares to the unnamed Series 9 Preferred Stock holder as part of the exchange agreement detailed in their recent filing.

The filing includes the signature of Brooke Turk, XTI Aerospace’s Chief Financial Officer, signifying compliance with the Securities Exchange Act of 1934. The document was officially signed on behalf of the company on November 1, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read XTI Aerospace’s 8K filing here.

XTI Aerospace Company Profile

XTI Aircraft Company manufactures vertical takeoff airplanes. The company provides TriFan 600, which lifts off vertically. XTI Aircraft Company was formerly known as AVX Aircraft Technologies, Inc and changed its name to XTI Aircraft Company in March 2015. The company was incorporated in 2009 and is based in Englewood, Colorado.