ENGLEWOOD, Colo. , Jan. 23, 2025 /PRNewswire/ -- XTI Aerospace, Inc.
(NASDAQ: XTIA ) ("XTI" or the "Company"), a pioneer in advanced Vertical Takeoff and Landing ("VTOL"), Powered-Lift aircraft solutions, today issued the following letter to shareholders. Dear Fellow XTI Aerospace Shareholders – At the outset, I would like to take a moment to recognize that 2024 was a transformative year for XTI and extend my gratitude for your continued support in 2025 and beyond. Along with the rest of our management team, I would like to update you on recent accomplishments supportive of our growth including strengthening our balance sheet and improving our overall financial condition, as well as making significant advancements in the development of the TriFan 600.
Business Highlights (Current) Raised $20,000,000 in gross proceeds through the sale of common stock, priced at-the-market under Nasdaq rules at an offering price of $13.75 per share (post 1-for-250 reverse stock split basis) Raised an additional approximately $25,000,000 in gross proceeds since the end of Q1 of 2024, by offering common stock at-the-market (ATM) Under the offering terms, we have a standstill in place with respect to use of the ATM Reduced total balance sheet liabilities as of December 31, 2024 when compared to total liabilities as of September 30, 2024 Streamlined our capitalization structure through the exchange for common stock and redemption of outstanding preferred stock and warrants Completed General Famil.