Company: XTIA
Filing Date: 2025-11-12
Form Type: 8-K
Source: 0001213900-25-108855
Chunk: 12

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-12
Form: 8-K
Item: Item 8.01
Chunk 12
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, that the exercise of any such
rights will not adversely affect Drone Nerds or Anzu Robotics or that any modifications of such agreements will not materially and adversely
affect the Company.

For example, the documentation governing Drone Nerds’ and Anzu
Robotics’ $25.0 million secured revolving credit facility contains customary covenants, including a prohibition against a change
of control without the lender’s prior written approval. The consummation of the Drone Nerds and Anzu Robotics acquisitions resulted
in a change of control under the revolving credit facility, and the lender’s written approval was not obtained prior to the acquisitions,
which constitutes an event of default under the revolving credit facility. We are currently in discussions with the lender to obtain a
waiver of such event of default or an amendment to the revolving credit facility. In the absence of such a waiver or an amendment, the
lender has the right to declare all outstanding obligations under the revolving credit facility immediately due and payable, cancel the
facility, cease making advances under the facility, and proceed against the collateral securing the indebtedness under the facility. As
of November 11, 2025, Drone Nerds and Anzu Robotics had outstanding borrowings under the revolving credit facility of approximately $9.2
million. There can be no assurance that the lender will agree to such a waiver or an amendment or that we will have sufficient resources
available to satisfy all of the obligations under the revolving credit facility if no waiver or amendment is obtained.

We may be unable to repay the Notes issued
in connection with the Acquisitions.

In connection with the Acquisitions,
XTI Drone Holdings issued (i) DN Seller the DN Note in the original principal amount of $10,976,284.58 and (ii) AR Seller the AR Note
in the original principal amount of $954,459.53. The principal of and interest on each Note will be payable as follows: (i) no later than
November 30, 2025 (the “ First Required Payment Date”), the outstanding principal amount of each Note will be repaid in an
amount equal to $3,680,000 with respect to the DN Note and $320,000 with respect to the AR Note, together with all accrued and unpaid
interest on each Note as of the First Required Payment Date, (ii) no later than March 31, 2026 (the “ Second Required Payment Date”),
the outstanding principal amount of each Note will be repaid in an