XTI Aerospace (NASDAQ:XTIA) Announces Exchange of Preferred Stock for Common Shares

XTI Aerospace, Inc. recently disclosed in an 8-K filing with the Securities and Exchange Commission an issuance of 16,990,659 shares of common stock, known as the “Preferred Exchange Shares,” to a holder of its Series 9 Preferred Stock. This transaction, conducted at an effective price per share ranging from $0.0432 to $0.0435, involved the return and cancellation of 701.121 shares of Series 9 Preferred Stock with a combined stated value of $736,177.05. The exchange was carried out in accordance with stipulated terms and conditions detailed in exchange agreements dated December 9, 2024, and December 10, 2024.

The Preferred Exchange Shares were issued without registration under the exemption provided by Section 3(a)(9) of the Securities Act of 1933. This was permissible due to the fact that the issuance met specific criteria: the exchange involved existing securities of the company, no additional payment was made by the holder in connection with the exchange, and no commissions or other payments were facilitated by XTI Aerospace related to the transaction.

Following this exchange, XTI Aerospace reported that as of December 13, 2024, the total outstanding common stock for the company stands at 294,438,948 shares.

Brooke Turk, the Chief Financial Officer of XTI Aerospace, duly signed the 8-K filing in compliance with the Securities Exchange Act of 1934 on December 13, 2024.

This development marks a strategic move for XTI Aerospace, enhancing its financial structure through the exchange of preferred stock for common shares, allowing for potential growth and shareholder value in the future.

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.