ENGLEWOOD, CO - XTI Aerospace, Inc., a Nevada-based company specializing in computer programming services, held its annual meeting of stockholders today, where several key proposals were voted upon.
With a current market capitalization of just $8.55 million and an overall InvestingPro Financial Health Score of 0.94 (labeled as WEAK), the company faces significant challenges. The meeting's outcomes are based on preliminary voting results and are subject to change pending final certification.
Among the proposals, stockholders elected Soumya Das and Scott Pomeroy as Class I directors to serve until the 2027 annual meeting. The appointment of Marcum LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified.
However, the proposal to amend the company's Restated Articles of Incorporation to increase the number of authorized shares of common stock to up to 1,000,000,000 was not approved. Conversely, the amendment to effect a reverse stock split of the company’s outstanding common stock at a ratio to be determined by the Board was approved, aimed at complying with Nasdaq Listing Rules.
Stockholders also approved potential issuances of shares of common stock pursuant to non-public transactions in accordance with Nasdaq Listing Rule 5635(d). Additionally, the authorization to adjourn the annual meeting, if necessary, was approved.
The meeting saw a quorum with approximately 42.04% of the voting power of shares entitled to vote present or represented by proxy. The stockholders entitled to one vote per share were those holding shares as of the close of business on November 19, 2024.
XTI Aerospace, previously known as INPIXON and Sysorex Global in its former iterations, trades on The Nasdaq Capital Market under the symbol XTIA. The company's common stock is registered pursuant to Section 12(b) of the Securities Exchange Act of 1934. According to InvestingPro analysis, the company is rapidly burning through cash with short-term obligations exceeding liquid assets, as evidenced by a current ratio of 0.46.
The final results of the stockholder votes will be disclosed in an amendment to this report following the receipt of the certified report from the independent inspector of election. This article is based on a press release statement.
In other recent news, XTI Aerospace has been involved in a series of significant financial transactions.
The company has issued 21,345,967 common stock shares to Nadir Ali, its former CEO, as payment for a consulting agreement. In addition, XTI Aerospace issued 19,961,587 shares of common stock to a holder of the company's Series 9 Preferred Stock, in exchange for the return and cancellation of 850 shares of Series 9 Preferred Stock.
The company has also issued 18,745,348 shares of common stock to Streeterville Capital, LLC, and 21,627,674 shares to Nadir Ali, as part of agreements to exchange shares for Series 9 Preferred Stock and to settle overdue consulting payments.
XTI Aerospace has also made payments to Streeterville and 3AM Investments LLC, controlled by Mr. Ali, as part of a broader strategy to manage its equity and fulfill obligations to stakeholders.
In terms of leadership, the company has made key appointments, with Jennifer Gaines becoming Chief Legal Officer and Tobin Arthur taking on the role of Chief Strategy Officer.
XTI Aerospace has also amended its Business Combination Agreement with Damon Motors Inc., introducing new conditions and extending the termination date of the agreement.
Finally, XTI Aerospace is currently engaged in a legal dispute with Chardan Capital Markets LLC over compensation claims.
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