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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), whose stock has seen a remarkable 60% surge over the past week despite a challenging year-to-date performance, has appointed Stephen Griessel, former Group CEO of Paramount Group Ltd., to its Corporate Advisory Board, the company announced today. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
Griessel brings over 40 years of leadership experience in defense, aerospace, investment, and manufacturing sectors. He currently serves as CEO of Copperstone Capital Partners, which manages the Ichikowitz family’s asset portfolio across various industries including software and defense. The appointment comes as XTI faces significant operational challenges, with InvestingPro analysis indicating rapid cash burn and negative EBITDA of -$34.7 million in the last twelve months.
During his tenure at Paramount Group, Griessel led the aerospace and defense manufacturer’s expansion into more than 25 countries, establishing global manufacturing capabilities and IP deployment.
"I’ve spent my career scaling organizations that marry innovation with execution," Griessel said in the press release. "XTI’s vision for the TriFan 600 is transformative—delivering the vertical lift of a helicopter with the speed and range of a fixed-wing aircraft."
XTI Aerospace is developing the TriFan 600, a fixed-wing aircraft with vertical takeoff and landing capabilities. According to company specifications, the aircraft is designed to reach cruising speeds of 311 mph with a range of 985 miles.
Scott Pomeroy, CEO and Chairman of XTI, noted that Griessel’s appointment comes as vertical takeoff and landing (VTOL) aircraft have been recognized as a national strategic priority, referencing a recent executive order from President Trump.
Griessel holds a Bachelor of Business degree and a Master of Science degree in Building Science from the University of the Witwatersrand, as well as a postgraduate degree in Marketing from the University of South Africa.
In other recent news, XTI Aerospace, Inc. has fully repaid its outstanding debt to Streeterville Capital, LLC, using $2.7 million from a recent public offering. This financial maneuver, completed on March 31, 2025, included the settlement of all principal, accrued interest, prepayment premiums, and other fees related to two secured promissory notes. The repayment was part of a firm commitment underwritten public offering with ThinkEquity LLC, signaling a potential strengthening of XTI Aerospace’s financial position. Additionally, the Federal Aviation Administration (FAA) has selected the Certification Branch Office in Ft. Worth, Texas, to oversee the type certification of XTI’s TriFan 600 aircraft. This follows the FAA’s acceptance of XTI’s formal type certification application for the TriFan 600. In other developments, XTI Aerospace has appointed Hanna Tomory, a senior executive from Palantir Technologies, and Preston Dunlap, former CTO for the U.S. Space Force and Air Force, to its Corporate Advisory Board. These appointments are expected to provide strategic guidance as XTI advances its TriFan 600 aircraft. Furthermore, XTI Aerospace unveiled a new model of the TriFan 600 at the Avalon Airshow in Melbourne, Australia, showcasing its latest aerodynamic configuration and VTOL capabilities.
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