Company: XTIA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076767
Chunk: 80

Company: XTI Aerospace, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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 2024, and the Company expects to continue to incur losses and negative operating cash flows for
the foreseeable future until it commences sustainable commercial operations of the TriFan 600 airplane. Since the XTI Merger, the Company
has funded its operations primarily with proceeds from equity financings, including through our now expired ATM with Maxim and three public
offerings completed in January 2025, March 2025 and June 2025, and through the issuance of promissory notes. We believe that our current
revenue, as supplemented by proceeds from our financings, including the approximately $36.4 million net proceeds we raised in various
public offerings of our securities placed and underwritten by ThinkEquity during the first six months of 2025, a portion of which was
used to fully repay short-term obligations including the outstanding Streeterville promissory note balances, along with our ability to
defer or eliminate certain operating expenses that are under our control, will provide us with liquidity to fund our planned operating
needs for at least the next twelve months.

46

ThinkEquity Waiver
and Filing of Shelf Registration Statement on Form S-3

As disclosed in Note 9 of the Notes to Condensed Consolidated Financial
Statements, on June 24, 2025, the Company entered into an underwriting agreement with ThinkEquity, pursuant to which the Company agreed
not to, without ThinkEquity’s prior consent, offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of
its shares of common stock or securities convertible into common stock or file any registration statement relating to the offering of
any shares of its capital stock for a period of 60 days after the date of the underwriting agreement (the “Lock-Up Period”).
On August 1, 2025, the Company entered into a waiver agreement with ThinkEquity (the “Waiver”), pursuant to which ThinkEquity
agreed to waive the Lock-Up Period solely in connection with a potential public offering of the Company’s securities (the “Potential
Offering”) and to allow the Company to file a shelf registration statement on Form S-3 in connection with the Potential Offering.
The Company filed a shelf registration statement on Form S-3 on August 1, 2025, which was declared effective by the SEC on August 12,
2025, pursuant to which the Company may offer and sell, from time to time, in one or more offerings, up