Gold prices steady as traders assess Fed rate outlook after soft US data
XTI Aerospace, Inc. (NASDAQ:XTIA) announced Wednesday the completion of a partial exercise of the over-allotment option related to its recent public offering. The company, which currently trades near $2.07 and has seen a notable 19.7% gain over the past week, disclosed in a Securities and Exchange Commission filing that the underwriter exercised the option for 151,005 shares of common stock at a public offering price of $1.75 per share.
With this transaction, the over-allotment option has now been fully exercised. In total, XTI Aerospace sold 10,514,000 shares of common stock, or pre-funded warrants in lieu of shares, as part of the offering. The company reported gross proceeds of approximately $18.4 million from the offering, before deducting underwriting discounts, commissions, and estimated offering expenses. According to InvestingPro data, this capital raise comes at a crucial time as the company has been quickly burning through cash, though it maintains more cash than debt on its balance sheet.
The company also issued additional warrants to the underwriter. These warrants allow for the purchase of 7,551 shares of common stock at an exercise price of $2.1875 per share, subject to adjustments. The terms of these warrants are consistent with those issued during the initial closing of the offering.
This information is based on a press release statement included in XTI Aerospace’s SEC filing.
In other recent news, XTI Aerospace has completed a propulsion systems review with the Federal Aviation Administration (FAA) for its TriFan 600 aircraft, marking a significant step toward certification. The company also closed a partial over-allotment option, raising approximately $18 million in its public offering of common stock and warrants. Additionally, XTI Aerospace announced a technology collaboration with MagLev Aero to explore electric propulsion solutions for unmanned aircraft, with a preliminary order for up to 100 propulsion systems. The company has also settled an arbitration dispute with Chardan Capital Markets without any financial payments, resolving all claims related to a previous proceeding. In another development, XTI Aerospace completed a structures review meeting with the FAA, further advancing the certification process for the TriFan 600. These recent developments highlight XTI Aerospace’s ongoing efforts in aircraft certification and innovation in propulsion technology.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.