XTI Aerospace and Inpixon merge, unveiling new era in aviation technology
In a landmark development for the aerospace industry, XTI Aerospace, Inc. (NASDAQ: XTIA) (“XTI Aerospace” or the “Company”) and Inpixon have successfully completed their merger, paving the way for innovative advancements in aviation technology. This historic merger, finalized after market close on March 12, 2024, heralds a new era for XTI Aerospace, which will commence trading on the Nasdaq Capital Market under the ticker symbol “XTIA” starting from March 13, 2024. The deal is set to revolutionize the sector with the development and commercialization of the TriFan 600, a vertical lift crossover airplane (VLCA), marking a significant milestone in the journey towards sustainable and efficient air travel.
Scott Pomeroy takes the helm as chairman and chief executive officer of XTI Aerospace, with Michael Hinderberger continuing as CEO of XTI Aircraft Company, a subsidiary. The leadership team is further bolstered by Soumya Das, serving as CEO of the RTLS business unit, and Brooke Martellaro stepping in as CFO. This strategic realignment follows the resignations of Nadir Ali and Wendy Loundermon from their respective CEO and CFO positions at the formerly known Inpixon, signifying a fresh direction under a consolidated brand and vision.
Pomeroy expressed enthusiasm for the merger’s completion, emphasizing the focus on bringing the TriFan 600 to market. This aircraft is poised to redefine private air travel with its hybrid capabilities, merging the efficiency of fixed-wing aircraft with the convenience of helicopters. With over 700 conditional pre-orders signaling a robust market demand, XTI Aerospace anticipates generating over $7 billion in gross revenue upon delivery, underscoring the TriFan 600’s potential to significantly impact the aerospace sector.
As part of the merger’s closure, an investment of $1.5 million was secured from an entity controlled by Nadir Ali, contributing to the Company’s growth and development. This investment reflects a strong belief in the newly formed company’s potential to innovate and lead in the aerospace industry. Additionally, an agreement with Streeterville Capital, LLC, has been established to exchange an outstanding promissory note for shares in the Company, further strengthening its financial foundation.
The TriFan 600 stands out as a hallmark of innovation, designed to offer unparalleled speed, range, and flexibility. It represents a new “vertical lift crossover airplane” (VLCA) category, aiming to serve both the business aircraft and helicopter sectors, as well as the emerging advanced air mobility market. With the capacity to achieve speeds up to 345 mph and a range of 700 miles, the TriFan 600 sets new standards for performance and versatility in air travel.
XTI Aerospace is not just focused on groundbreaking technology but also on sustainability. The TriFan 600’s design to accommodate sustainable aviation fuels and future incorporation of hybrid-electric or all-electric propulsion systems highlights the Company’s commitment to reducing the aviation industry’s carbon footprint.
The merger between XTI Aerospace and Inpixon represents a significant leap forward for the aerospace industry, combining innovative technology with strategic leadership to usher in a new era of aviation.
As XTI Aerospace strides towards commercializing the TriFan 600, its potential to transform air travel and its dedication to sustainability set the stage for an exciting future.
The merger and subsequent developments signal a pivotal moment in aerospace, highlighting the industry’s readiness for innovative solutions that meet the demands of modern air travel while addressing environmental concerns. XTI Aerospace’s strategy, focusing on the TriFan 600, leverages technological advancements and market demand to position itself as a leader in the sector. The emphasis on sustainable fuel options and potential electric propulsion integration further aligns with global trends towards reducing aviation’s environmental impact, making XTI Aerospace a company to watch in the coming years.