Company: XTIA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112615
Chunk: 310

Company: XTI Aerospace, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 2
Chunk 310
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 to which the Company agreed
to issue and sell directly to various investors, in a best efforts public offering (the “September Offering”), 10,575,000
shares of common stock, pre-funded warrants to purchase up to 1,925,000 shares of common stock, and common warrants to purchase up to
12,500,000 shares of common stock. The combined public offering price for each share of common stock, together with one common warrant,
was $1.60. The combined public offering price for each pre-funded warrant, together with one common warrant, was $1.599. Each share of
common stock, or a pre-funded warrant in lieu thereof, was sold together with one common warrant.

The September Offering closed
on September 15, 2025, resulting in net proceeds to the Company of approximately $18.5 million, after deducting the placement agent fees
and other expenses payable by the Company of approximately $1.5 million. Upon closing of the September Offering, the Company issued ThinkEquity
warrants (the “Placement Agent Warrants”) as compensation to purchase up to 625,000 shares of common stock at an exercise
price of $2.00 per share. The Placement Agent Warrants were exercisable immediately upon the date of issuance and expire on the five-year
anniversary of the commencement of sales of securities in the September Offering.

Officer Appointments

Effective as of September
1, 2025, Michael A. Tapp was appointed as the Company’s Chief Operating Officer. In connection therewith, the Company entered into
an employment agreement and a side letter with Mr. Tapp, the material terms of which are disclosed in the Company’s Current Report
on Form 8-K filed with the SEC on September 5, 2025, as amended by Amendment No. 1 on Form 8-K/A filed with the SEC on September 11, 2025.

Additionally, on October 2,
2025, we announced the appointment of Steve Zohrabian as Executive Vice President of XTI Aircraft Company, and on October 29, 2025, we
announced the appointment of Dr. Alex Williams as XTI Aerospace, Inc.’s Executive Vice President of Technology.

Expansion of Corporate Advisory Board

During the nine months ended
September 30, 2025, the Company expanded its corporate advisory board, which is now comprised of ten advisory board members, who are helping
the Company evaluate strategic opportunities to capitalize on