Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 234

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 234
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at least a majority of the outstanding Series 9 Preferred Stock; provided that, pursuant to that certain securities purchase agreement
dated as of March 12, 2024, by and between the Company and 3AM, 3AM will be deemed a “Required Holder” as long as 3AM holds
any shares of Series 9 Preferred Stock. As of the date of this report, there are no shares of Series 9 Preferred Stock issued and outstanding.

January
2025 Consent from 3AM

In
accordance with the terms of the Series 9 Preferred Stock Certificate of Designation, the Company obtained a written consent, effective
as of January 7, 2025 (the “January 2025 Consent”), from 3AM as the Required Holder of the Series 9 Preferred Stock, authorizing
the Company to issue securities in a best efforts public offering that closed on January 10, 2025 (the “Offering”) in consideration
for the Company’s agreement to pay, within five business days of the closing, 20% of the approximately $20 million of gross proceeds
from the Offering (the “Payment Amount”), (a) first, to the Bonus Plan Recipients (the “Bonus Plan Payments”);
and (b) second, to the extent the Bonus Plan Payments have been fully satisfied, any remaining portion of the Payment Amount shall be
applied to the redemption of outstanding shares of the Series 9 Preferred Stock (the “Redemption”). Pursuant to the January
2025 Consent, on January 13, 2025, the Company paid an aggregate of approximately $3.5 million in Bonus Plan Payments, after which payment
no portion of the Payment Amount remained to pay the Redemption.

75

December
2024 Consent from 3AM

On December 23, 2024, the Company received a consent and waiver from
3AM as the Required Holder of the Series 9 Preferred Stock, authorizing the Company to raise up to an additional $5,000,000 under the
ATM in consideration for the Company’s agreement to allocate the 15% Redemption Amount (as defined below) to the Bonus Plan Recipients,
in lieu of 3AM, as the remaining holder of Series 9 Preferred Stock, following the date on which Streeterville no longer owns any shares
of Series 9 Preferred Stock.

November
2024 Consent Waiver and Release, and Letter Agreement with Nadir Ali

On
June 14