XTI Aerospace Signs Capital Distribution Agreement “For Proposed Equity Investment of up to USD55 Million”

XTI Aero­space announced this week, it has entered into an agree­ment with FC Impe­r­i­al Lim­it­ed (FCIL), an affil­i­ate of glob­al invest­ment con­sor­tium, FinEx­ic Con­cor­dia Group, (FCG), for a pro­posed equi­ty invest­ment of up to USD55 mil­lion, reports a press release.

The agree­ment stip­u­lates a struc­tured process for the dis­tri­b­u­tion of cap­i­tal with­in a defined time frame at a locked val­u­a­tion of USD275 mil­lion and issuance of con­vert­ible pre­ferred stock for an invest­ment up to USD55 mil­lion, to con­vert into com­mon stock “through defined exchange events sub­ject to exe­cu­tion of a defin­i­tive pur­chase agree­ment,” explains the release.

XTI Aero­space Announces Mesa Air­lines’ Invest­ment in XTI and “Con­di­tion­al Pre-Order for 100 Tri­Fan 600 Air­craft”

XTI Aero­space Signs LOI with AVX “for Design and Devel­op­ment of Tri­Fan 600 Ver­ti­cal Lift Crossover Air­craft”

Anindya Chakraborty, Head of the Invest­ment Con­sor­tium, com­ment­ed, “For over a year, exten­sive dis­cus­sions were held with XTI man­age­ment and its engi­neer­ing team. The Tri­fan is a unique and per­haps the most effi­cient, prac­ti­cal, ver­sa­tile and com­mer­cial­ly viable VTOL air­craft in the devel­op­ing mar­ket with attrib­ut­es to ush­er in a game chang­ing real­i­ty to the avi­a­tion indus­try.”

Scott Pomeroy, Chair and CEO of XTI, remarked, “The Con­sor­tium has per­formed exten­sive tech­ni­cal and finan­cial due dili­gence on the Tri­Fan and com­pa­ny. Once the pro­posed invest­ment is com­plete, we believe the addi­tion­al cap­i­tal will help accel­er­ate the devel­op­ment of our air­craft through sev­er­al major mile­stones includ­ing com­ple­tion of the updat­ed pre­lim­i­nary design review along with launch­ing the crit­i­cal design review phase in prepa­ra­tion for the assem­bly of XTI’s Test Air­craft No. 1.” 

He added, “The USD275 mil­lion val­u­a­tion reflects the progress the com­pa­ny has made since our last pri­vate com­pa­ny cap­i­tal raise, which was based on a USD100 mil­lion assess­ment.”

Fur­ther details of the pro­posed invest­ment will be includ­ed in XTIs Cur­rent Report on Form 8‑k which is be filed by the com­pa­ny with the Secu­ri­ties and Exchange Com­mis­sion.

For more infor­ma­tion

XTIAerospace.com

(Top image: XTI Aero­space)

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