M&A - XTI Aerospace, Inc.

Form Type: 10-Q

Filing Date: 2025-05-19

Corporate Action: Merger

Type: Update

Accession Number: 000121390025045396

Filing Summary: XTI Aerospace, Inc. completed a merger on March 12, 2024, with Legacy XTI, with Legacy XTI surviving the merger as a subsidiary. The merger has significantly affected the company's financials, showcasing a notable increase in revenues but a substantial net loss of approximately $12.9 million for Q1 2025. The company also executed reverse stock splits on two occasions to comply with Nasdaq listing requirements. The report includes detailed financial statements reflecting the merged entities' assets and liabilities, including a total asset increase to $27.1 million from $24.3 million and a decrease in current liabilities. The company aims to develop the TriFan 600 aircraft, having generated pre-orders and engaged in extensive research and development. Despite this, the financial report reflects incurred operating expenses, including significant costs related to the merger and ongoing development efforts, alongside uncertainties related to future profitability and competition in the aerospace sector.

Form Type: NT 10-Q

Filing Date: 2025-05-16

Corporate Action: Merger

Type: New

Accession Number: 000121390025044911

Filing Summary: XTI Aerospace, Inc. is notifying the SEC that it cannot file its quarterly report on Form 10-Q for the period ended March 31, 2025, within the required timeframe. The delay is due to the need for additional time to complete the review of its financial statements related to complex accounting treatments following a public offering that closed on the same date. The company anticipates filing the Form 10-Q within the next 5 calendar days. It has also reported an expected increase in revenues to approximately $0.5 million and a gross profit of $0.3 million for the period. Operating expenses are expected to rise by about $1.7 million, and loss from operations is anticipated to increase by approximately $1.5 million compared to the previous year, partly due to ongoing legal and accounting fees and a rise in the administrative workforce following its merger with Legacy XTI. The merger was finalized on March 12, 2024, with Legacy XTI now a wholly-owned subsidiary of the company.

Form Type: 8-K

Filing Date: 2025-04-22

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025034200

Filing Summary: On April 21, 2025, XTI Aerospace, Inc. officially engaged CBIZ CPAs P.C. as its independent registered public accounting firm for the fiscal year ending December 31, 2025. This appointment follows CBIZ's acquisition of the attest business of Marcum LLP. The engagement was made effective upon the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which confirmed the resignation of Marcum. During the relevant fiscal periods, XTI Aerospace did not consult with CBIZ regarding accounting principles or audit opinions and there were no disagreements recorded involving CBIZ.

Form Type: 10-K

Filing Date: 2025-04-15

Corporate Action: Merger

Type: Update

Accession Number: 000121390025032213

Filing Summary: XTI Aerospace, Inc. completed a significant merger transaction on March 12, 2024, with Legacy XTI resulting in Legacy XTI becoming a wholly owned subsidiary of XTI Aerospace. This merger was executed as articulated in the XTI Merger Agreement dated July 24, 2023, and signifies a strategic shift and rebranding for the company previously known as Inpixon. The newly formed entity aims to innovate within the aerospace sector, specifically focusing on the TriFan 600, a vertical takeoff and landing (VTOL) airplane that is engineered for a variety of applications, including business aviation and emergency medical services. The company had engaged in a reverse stock split to meet Nasdaq requirements post-merger. Despite not having generated revenue from aircraft sales yet, XTI plans to secure funding for future developments and anticipates significant growth through strategic transactions, including the potential acquisition of equity interests in related aerospace technology firms. The TriFan 600's development combines the speed of fixed-wing aircraft with helicopter-like versatility, addressing current market demands.

Form Type: NT 10-K

Filing Date: 2025-03-31

Corporate Action: Merger

Type: Update

Accession Number: 000121390025026365

Filing Summary: XTI Aerospace, Inc. has filed a notification of late filing for its annual report on Form 10-K for the period ending December 31, 2024. The company is unable to file within the prescribed time without unreasonable effort due to the need for additional time for auditors to complete their review of the consolidated financial statements following a merger transaction that closed on March 12, 2024. This transaction involved the merger of XTI Aircraft Company (formerly Legacy XTI) with Superfly Merger Sub Inc. This merger has substantial implications for the company's revenue and operating expenses, which are forecasted to increase significantly compared to the prior year due to nonrecurring transaction costs and the operational integration of the merger. The company plans to file the Form 10-K within the allowed extension period of 15 calendar days as per SEC regulations. The anticipated results indicate significant changes in revenue, gross profits, and an increase in operating expenses, highlighting the impact of the merger and associated costs.