Company: XTIA
Filing Date: 2025-03-31
Form Type: 424B5
Source: 0001013762-25-004458
Chunk: 35

Company: XTI Aerospace, Inc.
Filing Date: 2025-03-31
Form: 424B5
Chunk 35
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 of common stock. Net tangible book value
per share is determined by dividing our total tangible assets, less total liabilities, by the number of shares of our common stock outstanding
as of September 30, 2024.

After giving effect to the
Pro Forma Adjustments described above under “Capitalization,” our pro forma net tangible book value as of September 30, 2024
would have been approximately $21.1 million or approximately $5.67 per share of common stock.

After giving further effect
to the issuance and sale of (i) 765,200 shares of our common stock and Common Warrants to purchase 765,200 shares of our common stock
in this offering at a public offering price of $1.36 per share and accompanying Common Warrant, and (ii) Pre-funded Warrants to purchase
up to 2,176,000 shares of our common stock and Common Warrants to purchase 2,176,000 shares of our common stock in this offering at a
public offering price of $1.359 per Pre-funded Warrant and accompanying Common Warrant, assuming the full exercise of the Pre-funded Warrants
for cash, resulting in the issuance of 2,176,000 shares of common stock, and after deducting the estimated underwriting discounts and
commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value at September 30, 2024 would
have been approximately $24.4 million, or approximately $3.65 per share of common stock. This represents an immediate decrease in pro
forma as adjusted net tangible book value of $2.02 per share to existing stockholders and immediate dilution of $2.29 per share to new
investors purchasing shares of common stock in this offering.

<div align='center'>S-15</div>

The following table illustrates
this dilution on a per share basis:

| Public offering price per share and accompanying Common Warrant                                        
 Net tangible book value per share as of September 30, 2024                                             |     |     | (76.28 | ) |     |   | 1.36 |
|:-------------------------------------------------------------------------------------------------------|:----|:----|-------:|:--|:----|:--|-----:|
| Increase per share attributable to the Pro Forma Adjustments                                           |     |     |  81.95 |   |     |   |      |
| Pro forma net tangible book value per share as of