ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ:XTIA), a micro-cap aerospace company with a market capitalization of just $5.95 million specializing in VTOL (Vertical Take-Off and Landing) and powered-lift aircraft, announced today that David Oppenheimer has been appointed to its Corporate Advisory Board. According to InvestingPro data, the company faces significant financial challenges, with its stock declining over 99% in the past year.
Oppenheimer brings over four decades of experience in the development of emerging technologies and national policy. His career highlights include leading global research teams and contributing to the advancement of defense technologies in computing and optics. He has also been instrumental in the development of next-generation commercial aircraft and nuclear reactors with General Atomics, and in commercializing chemical weapons sensor platforms.
In his previous governmental advisory role, Oppenheimer influenced bipartisan policies on patent rights, foreign policy, and technological innovation. His expertise extends to nuclear materials control and addressing chemical and biological threats.
Michael Tapp, Chairman of the XTI Corporate Advisory Board, expressed confidence in Oppenheimer's ability to impact the future of air travel, citing his extensive due diligence on XTI's potential before joining the team. Oppenheimer himself is eager to contribute to the company's innovative endeavors in the aviation industry.
XTI Aerospace is currently developing the TriFan 600, a business aircraft with VTOL capabilities, a top speed of 345 mph, and a range of 700 miles. The company also operates Inpixon (NASDAQ:XTIA), a business unit specializing in real-time location systems technology used globally in industrial settings to optimize operations and enhance safety. InvestingPro analysis reveals the company's financial health score is rated as weak, with negative EBITDA of $19.72 million and a concerning current ratio of 0.46, indicating potential liquidity challenges. Get access to 12 more exclusive ProTips and detailed financial metrics with InvestingPro.
The company's press release includes forward-looking statements regarding product development and the potential advantages of its technology. These statements are subject to risks and uncertainties that could cause actual results to differ from expectations. XTI Aerospace has stated that it does not plan to update these forward-looking statements and encourages readers to review the risk factors in its SEC filings. Investors should note that InvestingPro data indicates the company is rapidly burning through cash, with significant short-term obligations exceeding liquid assets.
This news is based on a press release statement from XTI Aerospace, Inc.
In other recent news, XTI Aerospace, Inc. has initiated a public offering of over 363 million shares of its common stock, aiming to generate approximately $20 million in gross proceeds. The company also announced a 1-for-250 share consolidation to comply with Nasdaq's minimum bid price requirement. On the analytical side, ThinkEquity served as the sole placement agent for the stock offering, while InvestingPro data indicates the company is facing potential liquidity challenges.
In a series of significant financial transactions, XTI Aerospace issued common stock shares to Nadir Ali, its former CEO, as payment for a consulting agreement, and to a holder of the company's Series 9 Preferred Stock in exchange for its return and cancellation. Additional shares were issued to Streeterville Capital, LLC, and Nadir Ali to settle overdue consulting payments. The company also executed an equity exchange, issuing common stock in return for the cancellation of Series 9 Preferred Stock.
In terms of leadership changes, Jennifer Gaines was appointed Chief Legal Officer and Tobin Arthur assumed the role of Chief Strategy Officer. Notably, XTI Aerospace is currently engaged in a legal dispute with Chardan Capital Markets LLC. These are the recent developments in XTI Aerospace's ongoing efforts to manage its capital structure and position itself for future growth.
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