Tuesday March 13, 2018 0 comments
DENVER -- XTI Aircraft Company (XTI) today announced it will file papers with the U.S. Securities and Exchange Commission to increase the price of its shares from $1 to a minimum of $1.50.
XTI said the share price will remain at $1 for a period of weeks until XTI finishes preparing its audited financials and submits its filing to the SEC. When the SEC approves the increase, it will be reflected in XTI’s online equity crowdfunding program, www.startengine.com/startup/xti, and in XTI’s $25 million private placement financing for accredited investors, the company said.
“Up to the time we submit the filing to the SEC, XTI will continue to sell its shares for $1 on StartEngine and for $1 to accredited investors,” said Robert LaBelle, XTI CEO.
“So right now is likely to be the last chance for people to buy shares in XTI at the lowest price possible.
“We’re going to fly our first prototype later this year. We’ve received 60 orders for the airplane, and we project higher sales and revenues for the company than previously estimated. All this translates into reduced risk, a higher return for investors, an increase in the company’s valuation, and higher stock value.
“We’re filing with the SEC because of this increased valuation.”
“Our offering on the StartEngine platform has provided a rare opportunity for hundreds of unaccredited and accredited investors around the world to own a piece of the future of flight,” LaBelle said.
“The TriFan 600 vertical takeoff airplane will transform air travel forever. We thank all of our investors as well as StartEngine for making this possible.”
XTI said the TriFan is a major breakthrough in aviation and air travel. The six-seat TriFan 600 will have the speed, range and comfort of a luxury business aircraft and the ability to take off and land vertically, like a helicopter. It will travel at over 300 miles an hour, with a range of 1,200 miles.
Using three ducted fans, the TriFan lifts off vertically. Its two wing fans then rotate forward for a seamless transition to cruise speed and its initial climb. It will reach 30,000 feet in just 10 minutes and cruise to the destination as a highly efficient business aircraft.
Following XTI’s exhibits at the Paris Air Show in June, the annual National Business Aviation Association’s convention in Las Vegas in October, and its exhibit at the Ft. Lauderdale International Boat Show in November, XTI announced that it had booked 60 orders for the TriFan 600 under the company’s pre-sales program.
“The market continues to recognize the value proposition of our unique and revolutionary airplane and its patented technology,” said LaBelle. “Vertical takeoff combined with long-range, the speed and comfort of a business aircraft, and our quieter and cleaner state-of-the-art hybrid-electric propulsion system.”
XTI launched a formal stock offering in 2016 under SEC Regulation A+, which remains open to all unaccredited and accredited investors around the globe. Shares in XTI may be purchased at www.startengine.com/startup/xti.
Simultaneously with the equity crowdfunding financing, accredited investors may participate in XTI’s $25 million Series B round. Accredited investors seeking more information should contact LaBelle at [email protected], (571) 216-1594.