Company: XTIA
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001213900-25-045396
Chunk: 27

Company: XTI Aerospace, Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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” 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.

During the three months ended March 31, 2025,
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 (the “Placement Agent”), 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, after deducting commissions and other expenses, of approximately $18.3 million.

As part of its compensation for acting as placement
agent for the January Offering, the Company issued to the Placement Agent warrants (the “Placement Agent Warrants”) to purchase
72,727 shares of common stock. The Placement Agent Warrants are exercisable commencing January 10, 2025, expire January 8, 2030 and have
an exercise price of approximately $17.19 per share.

March 2025 Public Offering

On March 28, 2025, the Company entered into an
underwriting agreement with ThinkEquity LLC (the “Representative”), as the representative of the underwriters named therein,
relating to a firm commitment underwritten public offering (the “March Offering”) of 765,