Inpixon Announces Anticipated Closing Date As After Market Close On March 12, 2024 For XTI Merger And Share 100-For-1 Consolidation; XTI Aerospace Anticipated To Begin Trading On Nasdaq Under Ticker Symbol "XTIA" As Of Market Open March 13, 2024
XTI Aerospace Anticipated to Begin Trading on Nasdaq Under Ticker Symbol "XTIA" as of Market Open March 13, 2024
Transaction Aimed to Create an Innovative Aerospace Company Focused on Revolutionizing Private Air Transportation with Its TriFan 600 Vertical Lift Crossover Airplane (VLCA)
PALO ALTO, Calif., March 11, 2024 /PRNewswire/ -- Inpixon® (NASDAQ:INPX) ("Inpixon" or the "Company") today announced that the Company and XTI Aircraft Company anticipate the closing date of the previously announced merger will be after market close on March 12, 2024. Following closing, the Company will operate under the name "XTI Aerospace, Inc." ("XTI Aerospace"). Immediately prior to the closing of the transaction, the Company will implement a consolidation of the Company's common stock for the purpose of satisfying initial listing requirements for the combined company and to bring the company into compliance with Nasdaq continued listing rules. The consolidation will be effective as of market open on March 13, 2024, upon which trading will commence on the Nasdaq Capital Market under the new ticker symbol "XTIA", with a new CUSIP number, 98423K108. Concurrent with the transaction closing, it is expected that an entity controlled by Inpixon's CEO will invest $1.5 million in an equity financing in the Company.
XTI Aerospace will be focused on advancing development of the TriFan 600, its vertical lift crossover airplane, as well as continuing to offer the Company's real-time location systems (RTLS) technology to manufacturing and warehousing facilities for streamlined operations, greater efficiency, and improved safety.
Nadir Ali, CEO of Inpixon, commented, "We're pleased to be nearing completion of what we believe will be a transformative merger transaction, positioning the combined company to move forward with further development and commercialization of the revolutionary TriFan 600. We expect the fixed-wing TriFan 600 to provide the speed, range, and comfort of a business aircraft while offering the point-to-point convenience of a helicopter. Upon meeting its performance specifications, the aircraft will serve nearly every segment of private air travel including business, medevac, leisure, and cargo. We believe the market demand for this airplane is clearly demonstrated by over 700 conditional pre-order reservations, and indications of interest, that XTI Aircraft Company has secured from various customers [1]. These conditional pre-orders have the potential to generate over $7 billion in gross revenue upon delivery of the aircraft to XTI's customers [2]. The merger will enable our shareholders to participate in this significant opportunity."
In connection with the consolidation of the Company's common stock, every one hundred (100) shares of its outstanding common stock (INPX) will automatically be combined into one (1) share of common stock of the combined company (XTIA). Any fractional shares resulting from the consolidation will be rounded up to the nearest whole share of common stock.