Company: XTIA
Filing Date: 2025-05-19
Form Type: 10-Q
Source: 0001213900-25-045396
Chunk: 228

Company: XTI Aerospace, Inc.
Filing Date: 2025-05-19
Form: 10-Q
Item: Part I, Item 2
Chunk 228
---
 against the Company; and (b) declares
that the Company has no contractual or other duty to arbitrate with Chardan. 

On April 30, 2025, Chardan amended its Statement of Claim in the Arbitration. 
The Amended Statement of Claim (“ASOC”) is asserted solely against Aircraft.  Thus, the Company no longer is a respondent
in the Arbitration.  Through the ASOC, Chardan now asserts claims against Aircraft for breach of contract and unjust enrichment. 
It seeks to recover: (a) a $200,000 cash payment that Aircraft supposedly was required to, but did not, make; (b) approximately $134,000
in damages, for supposedly issuing 189,037 shares of the Company’s common stock to Chardan on March 19, 2024 instead of 208,113
shares; and (c) all payments supposedly due to Chardan under the ROFR, which Chardan states continue to accumulate.  According to
Chardan, amounts due under the ROFR include 30% of any banking fees paid with respect to at least the following acts of the Company: 
(i) the entry into an Exchange Agreement, pursuant to which Streeterville exchanged the remaining balance of principal and accrued interest
under a December 2023 Note in the aggregate amount $9,801,521 for 9,801.521 shares of the Company’s  Series 9 Preferred Stock;
(ii) the entry into an Equity Distribution Agreement  with Maxim that increased the value of stock that could be sold under the Company’s
ATM from $48,000,000 to $83,800,000; (iii) the January 10, 2025 capital raise that used the services of ThinkEquity LLC; and (d) the February
13, 2025 entry into an Exchange Agreement with Streeterville, wherein an outstanding secured promissory note issued on May 1, 2024 (the
“May 2024 Note”) in the principal amount of $250,000.00 held by Streeterville was partitioned into a new secured promissory
note (the “February 2025 Note”) in the same form and amount as the May 2024 Note, with the Company and Streeterville subsequently
agreeing to exchange the February 2025 Note for 59,832 shares of Company common stock with an effective price of $4.21 per share. Aircraft