• 29 Apr 2024 11:49 PM
• 0

XTI Completes Nasdaq Listing

On March 12, XTI Aerospace Inc. was officially created, formed through completion of the merger between XTI Aircraft Company and Inpixon. The company began trading on the Nasdaq the next day with the ticker symbol XTIA. XTI Aerospace is focused on the development and commercialization of the TriFan 600, a fixed-wing, “vertical lift cross over airplane” (VLCA), and offers real-time location systems (RTLS) technology to manufacturing and other industrial facilities. The planned merger was announced in July 2023.

Scott Pomeroy has been appointed chairman and CEO of XTI Aerospace. Michael Hinderberger continues as CEO of XTI Aircraft Company, a subsidiary of XTI Aerospace, while Soumya Das will serve as CEO of the RTLS business unit of XTI Aerospace. David Brody was the founder and past chairman of XTI Aircraft Company (as well as AVX Aircraft Company).

XTI Aircraft was founded in 2012. The TriFan 600 was originally conceived as a shaft-driven VTOL aircraft and led by former Sikorsky president Jeff Pino until a tragic accident in 2016. Former AgustaWestland North America CEO Bob Labelle then took over the company and shifted it to a hybrid-electric VTOL design. Due to the low energy density of electric propulsion, the design was switched back to shaft-driven ducted propellers when Hinderberger was appointed as CEO in 2022. In addition to the two ducted fans, a third fan in the rear fuselage balances the lift. XTI has received more than 700 conditional preorders to date, with the potential to generate over $7B in gross revenue upon delivery.