XTI Aerospace Announces Key Agreements with Series 9 Holders and Business Combination Completion

XTI Aerospace (NASDAQ: XTIA) recently disclosed agreements with its Series 9 Preferred Stockholders and the completion of a significant business combination. The company finalized a Consent Waiver and Release with Series 9 Holders, allowing an increase of up to $5,000,000 under the “at the market” offering program. Furthermore, XTI Aerospace successfully concluded its business consolidation with Damon Motors Inc., a former subsidiary, now known as Damon Inc.

Under the Consent Waiver and Release inked on November 17, 2024, XTI Aerospace agreed to pay 20% of the proceeds from additional sales under the offering program to redeem a portion of the Series 9 Preferred Stock held by Streeterville Capital, LLC, and 3AM Investments LLC, among others. The Letter Agreement, signed the same day, entailed amendments to an Equity Purchase Agreement, eliminating future payments dependent on Net Income After Taxes.

Concurrently, XTI Aerospace finalized the deal with Damon Motors Inc., facilitating the transition of Damon Inc.’s common shares and warrants. Damon’s common stock is now trading on the Nasdaq Global Market under the symbol “DMN.” Scott Pomeroy, Chairman and CEO of XTI Aerospace, commended Damon’s achievements and emphasized the transformative potential of Damon’s motorcycle offerings alongside XTI’s innovative vertical lift crossover aircraft, the TriFan 600.

The press release dated November 18, 2024, elaborated on the completion of the divestiture process involving Damon, following the issuance of a Form 10-12B registration statement sanctioned by the U.S. Securities and Exchange Commission, solidifying Damon’s public offering platform. Shareholders of record were critically informed of the implications from a tax standpoint concerning the distribution of Damon shares.

XTI Aerospace’s strategic maneuvers underscore its unwavering commitment to advancing its business objectives and bolstering its portfolio, all in pursuit of reshaping the dynamics in the aerospace and transportation sectors with groundbreaking offerings.

For more details, readers can refer to the complete SEC filing, including Exhibit 99.1 and Exhibit 99.2, for comprehensive insights into the recent developments in the company’s progress.

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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.

About XTI Aerospace

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.