XTI Aerospace appoints new board member

ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a micro-cap aerospace company with a market capitalization of $15.16 million engaged in the development of advanced aircraft designs, announced today the appointment of Kimberly Montgomery to its Corporate Advisory Board.

Montgomery, currently serving as President of GMR Health Systems at Global Medical (TASE:PMCN) Response, brings extensive experience in air medical transport and pre-hospital healthcare to the board. Her career spans over twenty years in the industry, including senior roles at Seven Bar Aviation, Med-Trans Corp, and EagleMed. Montgomery’s expertise in aviation operations, safety, and healthcare partnerships is expected to support XTI Aerospace’s ongoing innovation and expansion in the aerospace sector.

Scott Pomeroy, Chairman and CEO of XTI Aerospace, expressed his enthusiasm for Montgomery’s addition to the board, citing her deep experience and valuable insights. Montgomery also shared her excitement about joining the board, stating her eagerness to contribute to the company’s mission and growth, particularly in emergency response and regional transportation.

XTI Aerospace is known for developing the TriFan 600, a fixed-wing business aircraft with vertical takeoff and landing capabilities akin to a helicopter, and Inpixon, a business unit specializing in real-time location systems (RTLS) technology used in various industrial settings to optimize operations and enhance safety. According to InvestingPro data, the company faces financial challenges with negative free cash flow of $15.55 million and a current ratio of 0.46, indicating potential liquidity concerns.

This appointment comes amid XTI Aerospace’s efforts to redefine the future of aviation with its vertical lift crossover airplane (VLCA) and location intelligence solutions. The company’s stock has faced significant headwinds, with a 99.48% decline over the past year. InvestingPro subscribers have access to 13 additional key insights and detailed financial metrics that could help evaluate the company’s future prospects. The company’s forward-looking statements, as disclosed in the press release, indicate ongoing projects and strategic plans but are subject to the customary risks and uncertainties associated with the aerospace industry.

The information in this article is based on a press release statement from XTI Aerospace.

In other recent news, XTI Aerospace has raised $45 million through the sale of common stock, and has made significant progress on its TriFan 600 aircraft. The company has also streamlined its capital structure by exchanging and redeeming outstanding preferred stock and warrants. On the regulatory front, XTI is advancing towards the filing of an FAA Type Certification for the TriFan 600. Further, XTI has entered into a non-binding agreement to acquire an equity interest in ReadyMonitor, an AI-powered autonomous drone company.

In addition, XTI Aerospace has gained access to the Frontier supercomputer at the Oak Ridge National Laboratory’s Leadership Computing Facility. The company has also initiated a public offering of over 363 million shares of its common stock, aiming to generate approximately $20 million in gross proceeds. Moreover, XTI Aerospace announced a 1-for-250 share consolidation to comply with Nasdaq’s minimum bid price requirement.

The company has also appointed David Oppenheimer to its Corporate Advisory Board. According to InvestingPro, XTI Aerospace faces significant financial challenges, with a negative EBITDA of $19.72 million and a concerning current ratio of 0.46, indicating potential liquidity challenges. These are the recent developments in XTI Aerospace’s ongoing efforts to manage its capital structure and position itself for future growth.

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