XTI Aerospace Issues Common Stock in Exchange for Series 9 Preferred Stock – 8-K Filing Reveals

XTI Aerospace, Inc. (NASDAQ: XTIA) recently disclosed in an 8-K filing that the company issued 2,802,491 shares of common stock, referred to as the “Preferred Exchange Shares,” to a holder of shares of the firm’s Series 9 Preferred Stock. These shares were issued at an effective price per share of $0.1124 as per an exchange agreement dated October 23, 2024. In return, 300 shares of Series 9 Preferred Stock with an aggregate stated value of $315,000 were returned and canceled.

This issuance of Preferred Exchange Shares was conducted under an exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933. The company stated that the exchange met the requirements of the exemption as the shares were issued in exchange for other outstanding securities of the company, no additional consideration was provided by the holder, and no commissions or remuneration were paid in connection with the exchange.

Following this transaction, as of October 24, 2024, XTI Aerospace reported having 56,775,250 shares of Common Stock outstanding.

The 8-K filing also included the signature of the Chief Financial Officer, Brooke Turk, on behalf of XTI Aerospace, Inc., in compliance with the Securities Exchange Act of 1934.

This issuance of common stock in exchange for Series 9 Preferred Stock underscores a strategic financial move by XTI Aerospace, providing insights into the company’s current financial initiatives.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read XTI Aerospace’s 8K filing here.

XTI Aerospace Company Profile

XTI Aircraft Company manufactures vertical takeoff airplanes. The company provides TriFan 600, which lifts off vertically. XTI Aircraft Company was formerly known as AVX Aircraft Technologies, Inc and changed its name to XTI Aircraft Company in March 2015. The company was incorporated in 2009 and is based in Englewood, Colorado.