XTI Aerospace (NASDAQ: XTIA) Issues Shares in Exchange Deals and Awards Stock to Former CEO

XTI Aerospace, Inc., a Nevada-based aerospace company traded on the Nasdaq Capital Market under the symbol XTIA, recently made significant moves in issuing shares and awarding stock to individuals associated with the company.

In line with an 8-K SEC filing dated November 18, 2024, XTI Aerospace issued a total of 18,745,348 shares of common stock to Streeterville Capital, LLC in exchange for the return and cancellation of 910 shares of the company’s Series 9 Preferred Stock. These exchanges were made under agreements dated November 18 and 19, 2024, at a price range per share falling between $0.05 and $0.0516. The issuance of these shares was carried out in compliance with the exemption from registration as per Section 3(a)(9) of the Securities Act of 1933. Following these transactions, the company currently has 216,493,235 shares of common stock outstanding.

Additionally, on November 19, 2024, XTI Aerospace entered a Restricted Stock Award Agreement with Nadir Ali, the company’s former Chief Executive Officer and consultant. As part of this agreement, the company awarded Mr. Ali a total of 21,627,674 fully vested shares of common stock at a price of $0.05 per share. These shares were granted under the company’s 2018 Employee Stock Incentive Plan and are registered pursuant to a Form S-8 registration statement. The stock issuance to Mr. Ali included partial satisfaction of owed payments under various agreements with the company.

Furthermore, pursuant to a Consent Agreement dated November 17, 2024, the company distributed redemption proceeds to Streeterville and 3AM Investments LLC, controlled by Mr. Ali. These proceeds, totaling $259,878.06 to Streeterville and $86,626.02 to 3AM, were wired to the respective entities on November 18, 2024. The payments were made for Series 9 Preferred Stock held by Streeterville and 3AM, representing amounts raised through the company’s existing ATM during the period from November 7 to November 15, 2024.

XTI Aerospace’s recent actions underscore the company’s commitment to its financial transactions and agreements with stakeholders, shaping its trajectory moving forward.

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.

XTI Aerospace Company Profile

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.