XTI Aerospace Closes $1.5M Private Placement
Ticker: XTIA · Form: 8-K · Filed: Dec 5, 2024 · CIK: 1529113
Sentiment: neutral
Topics: private-placement, equity-offering, financing
TL;DR
XTIA just raised $1.5M from a private stock sale at $1/share. Funds for ops.
AI Summary
On December 2, 2024, XTI Aerospace, Inc. announced the closing of a private placement of its common stock, raising approximately $1.5 million. The company issued 1,500,000 shares of common stock at a purchase price of $1.00 per share. This offering was conducted without general solicitation or advertising.
Why It Matters
This capital infusion provides XTI Aerospace with additional funds to support its operations and strategic initiatives, potentially impacting its ability to develop and bring its aerospace products to market.
Risk Assessment
Risk Level: medium — The company is raising capital through a private placement, which can indicate a need for funds and potential dilution for existing shareholders.
Key Numbers
- $1.5M — Gross Proceeds (Raised from private placement of common stock.)
- 1,500,000 — Shares Issued (Common stock sold in the private placement.)
- $1.00 — Price Per Share (The price at which shares were sold in the private placement.)
Key Players & Entities
- XTI Aerospace, Inc. (company) — Registrant
- December 2, 2024 (date) — Date of earliest event reported
- $1.5 million (dollar_amount) — Gross proceeds from private placement
- 1,500,000 shares (share_amount) — Number of shares issued
- $1.00 (dollar_amount) — Purchase price per share
FAQ
What was the total amount raised in the private placement?
XTI Aerospace, Inc. raised approximately $1.5 million in gross proceeds from the private placement.
How many shares of common stock were issued?
The company issued 1,500,000 shares of its common stock in the private placement.
At what price per share were the shares sold?
The shares were sold at a purchase price of $1.00 per share.
What was the date of the earliest event reported in this filing?
The date of the earliest event reported is December 2, 2024.
Was this offering conducted with general solicitation or advertising?
No, the offering was conducted without general solicitation or advertising.
Filing Stats: 759 words · 3 min read · ~3 pages · Grade level 11.4 · Accepted 2024-12-05 17:01:39
Key Financial Figures
- $0.0445 — at an effective price per share between $0.0445 and $0.0449, in exchange for the return
- $0 — ive price per share between $0.0445 and $0.0449, in exchange for the return and ca
- $892,500 — Stock with an aggregate stated value of $892,500, pursuant to the terms and conditions o
- $375,000 — balance of the five monthly payments of $375,000 each from July 12, 2024 to November 12,
- $1,875,000 — er 12, 2024 (in the aggregate amount of $1,875,000) owed to Mr. Ali under that certain Con
Filing Documents
- ea0223827-8k_xtiaero.htm (8-K) — 26KB
- 0001213900-24-106085.txt ( ) — 195KB
- xtia-20241202.xsd (EX-101.SCH) — 3KB
- xtia-20241202_lab.xml (EX-101.LAB) — 33KB
- xtia-20241202_pre.xml (EX-101.PRE) — 22KB
- ea0223827-8k_xtiaero_htm.xml (XML) — 4KB
02 Unregistered
Item 3.02 Unregistered Sales of Equity Securities. XTI Aerospace, Inc. (the "Company") issued an aggregate of 19,961,587 shares of common stock (the "Preferred Exchange Shares") to a holder of shares of the Company's Series 9 Preferred Stock, at an effective price per share between $0.0445 and $0.0449, in exchange for the return and cancellation of an aggregate of 850 shares of Series 9 Preferred Stock with an aggregate stated value of $892,500, pursuant to the terms and conditions of exchange agreements dated December 2, 2024 and December 4, 2024. The Preferred Exchange Shares were issued in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended, on the basis that (a) the Preferred Exchange Shares were issued in exchange for other outstanding securities of the Company; (b) there was no additional consideration delivered by the holder in connection with the exchange; and (c) there were no commissions or other remuneration paid by the Company in connection with the exchange. As of December 5, 2024, the Company has 272,724,231 shares of common stock outstanding.
01 Other Events
Item 8.01 Other Events. Stock Issuance to Nadir Ali On December 2, 2024, the Company entered into a Restricted Stock Award Agreement with Nadir Ali (the "Restricted Stock Award Agreement"), a consultant to the Company and the Company's former Chief Executive Officer and a former director of the Company. Pursuant to the Restricted Stock Award Agreement, the Company issued an aggregate of 21,345,967 fully vested shares of common stock (the "Shares") to Mr. Ali at a price per share of $0.0476, under the Company's 2018 Employee Stock Incentive Plan, as amended, which Shares were registered pursuant to a registration statement on Form S-8. The Shares were issued to Mr. Ali in satisfaction of the remaining balance of the five monthly payments of $375,000 each from July 12, 2024 to November 12, 2024 (in the aggregate amount of $1,875,000) owed to Mr. Ali under that certain Consulting Agreement, dated March 12, 2024, by and between the Company and Mr. Ali. The foregoing description of the Restricted Stock Award Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Restricted Stock Award Agreement attached as Schedule 1 to Exhibit A to the Consulting Agreement, a copy of which was filed as Exhibit 10.5 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 15, 2024. 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. XTI AEROSPACE, INC. Date: December 5, 2024 By: /s/ Brooke Turk Name: Brooke Turk Title: Chief Financial Officer 2