Company: XTIA
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032213
Chunk: 97

Company: XTI Aerospace, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 97
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 from time to time, the “Equity Distribution
Agreement”), pursuant to which we could offer and sell, from time to time through Maxim, shares of the Company’s common stock
having an aggregate offering amount of up to approximately $83.3 million under our shelf registration statement on Form S-3 (the “ATM”).
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 December 31, 2024, the Company
sold 948,484 shares of common stock under the Equity Distribution Agreement at per share prices between approximately $10.02 and $47.57,
resulting in net proceeds to the Company of approximately $12.6 million. During the year ended December 31, 2024, the Company sold 998,447
shares of common stock under the Equity Distribution Agreement at per share prices between approximately $10.02 and $337.36, resulting
in net proceeds to the Company of approximately $22.2 million. Since the date of the Equity Distribution Agreement through the date
of this report, the Company sold 1,170,561 shares of common stock at per share prices between approximately $4.10 and $465.56 under the
Equity Distribution Agreement, resulting in gross proceeds of approximately $52.2 million.

49

Liquidity
and Capital Resources

The
Company’s net cash flows used in operating, investing and financing activities for the years ended December 31, 2024 and 2023 and
certain balances as of the end of those periods are as follows (in thousands):

    For
    the Years Ended December 31, 

    2024  
    2023 
  
    Net cash
    used in operating activities 
    $(22,307) 
    $(4,181)
  
    Net cash provided by
    (used in) investing activities 
     2,853  
     (17)
  
    Net cash provided by
    financing activities 
     23,564  
     4,088 
  
    Effect
    of foreign exchange rate changes on cash 
     (10) 
     —