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ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ: XTIA), a micro-cap aerospace company with a market capitalization of approximately $14 million, announced today that it has regained compliance with the Nasdaq’s minimum bid price requirement. The company had previously been notified of non-compliance due to its common stock falling below the $1.00 minimum bid price over a 30-business-day period. According to InvestingPro data, XTIA’s stock has experienced significant volatility, with a dramatic 99% decline over the past year.
The Chief Financial Officer of XTI Aerospace, Brooke Turk, expressed satisfaction with the company’s return to compliance, attributing it to the company’s focus on its long-term growth strategy and its commitment to enhancing shareholder value. However, InvestingPro analysis indicates concerning financial metrics, including a current ratio of 0.46, suggesting the company’s short-term obligations exceed its liquid assets. InvestingPro subscribers have access to 16 additional key insights about XTIA’s financial health and market position.
Nasdaq confirmed that XTI Aerospace’s common stock had maintained a closing bid price at or above $1.00 for over 10 consecutive business days, meeting the criteria to regain compliance with Nasdaq Listing Rule 5550(a)(2).
XTI Aerospace continues to concentrate on strategic initiatives aimed at driving growth and delivering long-term value to its shareholders, with ongoing advancements in vertical takeoff and landing (VTOL) aircraft technology. The company reported revenue of $2.17 million in the last twelve months, though with a significant EBITDA loss of $19.7 million, reflecting substantial investment in research and development.
The company, headquartered near Denver, Colorado, is developing the TriFan 600, a VTOL business aircraft with the potential to reach speeds of 345 mph and a range of 700 miles. Additionally, XTI Aerospace’s Inpixon (NASDAQ:XTIA) business unit is a leader in real-time location systems (RTLS) technology, serving global customers in various industrial settings to optimize operations and enhance safety.
This announcement is based on a press release statement from XTI Aerospace, Inc. The company cautions that certain statements in the press release are forward-looking and subject to various risks and uncertainties. These forward-looking statements include projections about the company’s products, technology advantages, and strategic plans. XTI Aerospace has stated that it undertakes no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of the press release.
In other recent news, XTI Aerospace has set ambitious milestones for its flagship TriFan 600 aircraft, aiming for FAA type certification and the resumption of pre-sales later this year. The company also plans to reveal its next subscale model, "Sparrow," to further test transitional flight dynamics. In addition to this, XTI intends to launch another subscale model, "Kestrel," to evaluate aerodynamics and flight controls.
In a move to strengthen its leadership, XTI Aerospace has announced the appointment of Kimberly Montgomery and David Oppenheimer to its Corporate Advisory Board. Montgomery brings extensive experience in air medical transport and pre-hospital healthcare, while Oppenheimer adds over four decades of experience in the development of emerging technologies and national policy.
The company has also secured a significant financial boost, raising $45 million through the sale of common stock. This funding is expected to support the company’s growth initiatives and the development of the TriFan 600. On the technological front, XTI Aerospace has gained access to the Frontier supercomputer at the Oak Ridge National Laboratory’s Leadership Computing Facility to expedite the development of the TriFan 600. These are the latest developments in XTI Aerospace’s ongoing efforts to redefine the future of aviation.
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