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XTI Aerospace, Inc. (NASDAQ:XTIA), a small-cap aerospace company with a market capitalization of approximately $29.5 million, announced that its board of directors approved an extension of the post-termination exercise period for vested stock options granted to certain executives and independent directors. The decision was made on October 9 by the board, according to a statement released in a recent SEC filing. According to InvestingPro data, the company is currently facing significant financial challenges, with a WEAK overall financial health score.
The extension applies to stock options granted or to be granted under the company’s 2018 Employee Stock Incentive Plan. Specifically, Scott Pomeroy, Chief Executive Officer, and Soumya Das, Chief Executive Officer of the Real-Time Location System Division, as well as the company’s independent directors, are eligible for the new terms.
Previously, the post-termination exercise window for vested options was three months following the end of service. Under the new arrangement, this period is extended to the full expiration date of the relevant stock option, provided the termination is not due to death, total disability, or for cause. The extension is also subject to the grantee’s written agreement.
The filing outlines the details of outstanding options for Pomeroy and Das. For example, Pomeroy holds 2,537 incentive stock options and 8,714 non-qualified stock options at an exercise price of $118.25 per share, both granted on June 12, 2024, and expiring June 12, 2034. He also holds 2,621,100 non-qualified stock options at an exercise price of $2.00 per share, granted on September 4, 2025, with an expiration date of September 4, 2035.
Das holds 2,537 incentive stock options and 1,364 non-qualified stock options at an exercise price of $118.25 per share, both granted on June 12, 2024, expiring June 12, 2034. He also holds 78,000 non-qualified stock options at an exercise price of $2.00 per share, granted on September 4, 2025, expiring September 4, 2035.
The vesting schedules for these options vary, with some vesting one-third annually over three years and others vesting one-third immediately and the remainder in equal quarterly installments over two years.
This information is based on a press release statement contained in the company’s SEC filing.
In other recent news, XTI Aerospace, Inc. announced the successful closing of a $20 million public offering. This offering included 12.5 million shares of common stock and warrants for the purchase of an additional 12.5 million shares, highlighting a strategic move to bolster its financial position. In a related development, XTI Aerospace has expressed support for the Federal Aviation Administration’s new Electric Vertical Takeoff and Landing Integration Pilot Program, which aims to modernize certification processes for next-generation aircraft. Additionally, the company has scheduled its 2025 Annual Meeting of Stockholders for November 14, with September 27 set as the deadline for proposal submissions.
In leadership news, XTI Aerospace’s subsidiary, XTI Aircraft Company, has appointed Steve Zohrabian as Executive Vice President to lead the development of its VTOL aircraft, the TriFan 600. Zohrabian will focus on guiding the TriFan 600 towards type certification and commercialization. Furthermore, retired U.S. Ambassador Todd Chapman has joined XTI Aerospace’s Corporate Advisory Board, bringing over 30 years of diplomatic experience. These developments indicate strategic efforts by XTI Aerospace to strengthen its leadership and support its technological advancements.
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