Company: XTIA
Filing Date: 2025-06-25
Form Type: 424B4
Source: 0001213900-25-057901
Chunk: 20

Company: XTI Aerospace, Inc.
Filing Date: 2025-06-25
Form: 424B4
Chunk 20
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 Xeriant filed a second amended complaint, which removed us and one of the unnamed companies
as defendants. The second amended complaint alleges that Legacy XTI, through multiple breaches and fraudulent actions, has caused substantial
harm to Xeriant and has prevented it from obtaining compensation owed to it under various agreements entered into between Xeriant and
Legacy XTI, including but not limited to a joint venture agreement dated May 31, 2021 (the “Joint Venture Agreement”), a cross-patent
license agreement, an operating agreement, and a letter dated May 17, 2022 (the “May 17 letter”) arising from Xeriant’s
introducing Legacy XTI to a Nasdaq listed company as a potential acquirer of Legacy XTI. In particular, Xeriant contends that Legacy XTI
gained substantial advantages from the intellectual property, expertise and capital deployed by Xeriant in the design and development
of Legacy XTI’s TriFan 600 airplane yet has excluded Xeriant from the transaction involving the TriFan 600 technology in its merger
with us, which has resulted in a breach of the May 17 letter, in addition to the other aforementioned agreements. Xeriant, in the second
amended complaint, asserts the following causes of action: (1) breach of contract; (2) intentional fraud; (3) fraudulent concealment;
(4) quantum meruit; (5) unjust enrichment; (6) unfair competition/deceptive business practices; and (7) misappropriation of confidential
information, and seeks damages in excess of $500 million, injunctive relief enjoining us from engaging in any further misconduct, the
imposition of a royalty obligation, and such other relief as deemed appropriate by the Court. On March 13, 2024, Legacy XTI moved for
partial dismissal of the second amended complaint. On January 14, 2025, the Court denied Legacy XTI’s motion to dismiss the complaint.
On January 28, 2025, Legacy XTI filed an answer to the second amended complaint. On February 18, 2025, Legacy XTI filed an amended answer
and counterclaims against Xeriant. On March 18, 2025, Xeriant moved for dismissal of Legacy XTI’s counterclaims. On April 14, 2025,
Legacy XTI filed a second amended answer and amended counterclaims against Xeriant. The amended counterclaims assert that: