Company: XTIA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112615
Chunk: 171

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 the Company’s common stock under its “at-the-market” offering program (the “ATM”) through Maxim
Group LLC (“Maxim”), as the Company’s exclusive sales agent, up to a maximum offering amount of approximately $83.3
million, pursuant to that certain Equity Distribution Agreement, dated as of July 22, 2022, by and between the Company and Maxim, as
amended from time to time (the “Equity Distribution Agreement”). The term of the Equity Distribution Agreement expired on
December 31, 2024. Maxim was entitled to compensation at a fixed commission rate of 3.0% of the gross sales price per share sold, excluding
Maxim’s costs and out-of-pocket expenses incurred in connection with its services, including the fees and out-of-pocket expenses
of its legal counsel.

The Company sold 169,299 shares of common stock
under the Equity Distribution Agreement at per share price of $10.00, resulting in net proceeds to the Company of approximately $1.7
million. This sale originated on December 31, 2024 and closed in early January 2025.

January 2025 Public Offering

On January 7, 2025, the Company entered into
a placement agency agreement with ThinkEquity LLC (“ThinkEquity”), pursuant to which the Company agreed to issue and sell
directly to various investors, in a best efforts public offering (the “January Offering”), an aggregate of 1,454,546 shares
of common stock at an offering price of $13.75 per share. The January Offering closed on January 10, 2025 resulting in net proceeds to
the Company of approximately $18.3 million, after deducting commissions and other expenses of approximately of $1.7 million.

March 2025 Public Offering

On March 28, 2025, the Company entered into an
underwriting agreement with ThinkEquity, as the representative of the underwriters named therein, relating to a firm commitment underwritten
public offering (the “March Offering”) of 765,200 shares of common stock (the “Shares”), pre-funded warrants
(the “Pre-funded Warrants”) to purchase up to 2,176,000 shares of common stock, and common warrants (the “Common Warrants”
and together with the Pre-funded Warrants, the “Warrants”) to purchase up to 2,941,200 shares of common stock. The combined
public offering price for each Share,