PALO ALTO, Calif. - Inpixon (NASDAQ: NASDAQ:INPX), a company specializing in Indoor Intelligence, has announced that its merger with XTI Aircraft Company is expected to close after market hours on Monday.
Following the merger, the company will operate as XTI Aerospace, Inc. and will begin trading on the Nasdaq Capital Market under the ticker symbol "XTIA" from Tuesday, March 13, 2024. The move comes alongside a consolidation of Inpixon's common stock to meet Nasdaq's initial listing and continued listing requirements.
XTI Aerospace will continue the development of the TriFan 600, a vertical lift crossover airplane (VLCA) designed to combine the speed and comfort of a business aircraft with the versatility of a helicopter.
This aircraft is anticipated to cater to various segments of private air travel, including business, medevac, leisure, and cargo. The company has already secured over 700 conditional pre-order reservations, indicating a potential for over $7 billion in gross revenue upon delivery, based on the current list price of $10 million per aircraft.
Nadir Ali, CEO of Inpixon, expressed optimism about the merger, stating that it is set to be a transformative transaction for the company, enabling shareholders to partake in the commercialization of the TriFan 600.
The stock consolidation will result in every one hundred shares of Inpixon's common stock being combined into one share of XTI Aerospace's common stock. Fractional shares resulting from the consolidation will be rounded up to the nearest whole share.
The merger is part of a strategic move to enhance the company's position in the aerospace sector, leveraging Inpixon's real-time location systems (RTLS) technology to improve operations in manufacturing and warehousing facilities.
This announcement is based on a press release statement and contains forward-looking statements regarding the anticipated benefits of the merger, the products under development, and the markets XTI Aerospace aims to serve. The completion of the merger is subject to various conditions and approvals.
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