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XTI Aerospace, Inc. (NASDAQ:XTIA), currently valued at $33.11 million in market capitalization, announced that its board of directors approved an amended and restated 2018 Employee Stock Incentive Plan on Monday. According to InvestingPro analysis, the company’s stock has experienced significant volatility, with shares down over 97% in the past year. The updated plan integrates previous amendments and allows the board to authorize company officers to designate recipients and determine the number of shares to be awarded, within limits set by the board. Officers are not permitted to grant awards to themselves.
The board also adopted new forms of award agreements for incentive stock options, non-qualified stock options, restricted stock, and restricted stock units. These agreements have been updated to align with the amended and restated plan and include administrative and technical changes. InvestingPro data reveals the company maintains a relatively strong balance sheet with more cash than debt, despite rapid cash burn rates.
On the same day, the board allocated an equity pool of 10,000,000 shares of common stock out of 72,906,959 shares available for future issuance under the plan. The company’s Chief Financial Officer was granted authority to award stock options and restricted stock units from this pool to employees, consultants, vendors, or other individuals with a business relationship with the company or its subsidiaries.
This information is based on a press release statement included in a recent SEC filing.
In other recent news, XTI Aerospace reported gross proceeds of approximately $18.4 million from its recent public offering, following the full exercise of an over-allotment option. The underwriter exercised the option for 151,005 shares at a price of $1.75 per share. Additionally, XTI Aerospace completed a technical review with the Federal Aviation Administration for its TriFan 600 aircraft, marking a significant step in the certification process. The company also announced a strategic partnership with IDEO to enhance the design experience of its aircraft, focusing on the development of the TriFan 600 and future vertical takeoff and landing aircraft. Furthermore, XTI Aerospace updated its bylaws to align with Nevada corporate practices, modernizing provisions for shareholder nominations and proposals. In regulatory developments, the Federal Aviation Administration released draft rules for Beyond Visual Line of Sight drone operations, which could impact XTI Aerospace’s drone capabilities. These updates reflect ongoing advancements and strategic initiatives by XTI Aerospace.
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