Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 333

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 333
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 Inc., a Delaware corporation and a wholly owned subsidiary of Legacy Inpixon (“Merger Sub”),
and XTI Aircraft Company, a Delaware corporation (“Legacy XTI”), completed their previously announced merger transaction
pursuant to that certain Agreement and Plan of Merger, dated as of July 24, 2023 and amended on December 30, 2023 and March 12, 2024
(the “XTI Merger Agreement”), pursuant to which Legacy XTI merged in a reverse triangular merger with Merger Sub with Legacy
XTI surviving the merger as a wholly-owned subsidiary of the Company (the “XTI Merger”). In connection with the closing of
the XTI Merger, our corporate name changed from Inpixon to “XTI Aerospace, Inc.” and the combined company opened for trading
on the Nasdaq Capital Market on March 13, 2024 under the new ticker symbol “XTIA.”

The
Company determined the XTI Merger should be accounted for as a reverse acquisition with Legacy XTI being considered the accounting acquirer.
Therefore, the consolidated financial statements included in this report represent a continuation of the financial statements of Legacy
XTI and the results of operations of the accounting acquired entity, Legacy Inpixon, are included in the consolidated financial statements
as of the Closing Date and through the December 31, 2024 reporting date.

The Company is primarily an aircraft development company. The Company
also provides real-time location systems (“RTLS”) for the industrial sector, which was Legacy Inpixon’s focus prior
to the closing of the XTI Merger. Headquartered in Englewood, Colorado, the Company is developing a vertical takeoff and landing (“VTOL”)
airplane that is designed to take off and land like a helicopter and cruise like a fixed-wing business airplane. Since 2013, the Company
has been engaged primarily in developing the aerodynamic performance and top-level engineering design of the TriFan 600, building and
testing a two-thirds scale unmanned version of the TriFan 600, generating pre-orders for the TriFan 600, and seeking funds from investors
to enable the Company to advance the detailed design and certification of the TriFan 600, and to eventually engage in commercial production
and sale of TriFan 600.

Our
RTLS solutions leverage cutting-edge technologies such as IoT, AI, and big data analytics to provide real-time tracking and monitoring
of assets, machines, and people within industrial environments.