XTI Aircraft Company (XTI) announced today that it has signed a term sheet with a lead investor for a minimum $17 million and maximum $29 million financing. The terms provide for a combination of equity and convertible debt. Closing is tentatively scheduled for January 2020 and is contingent on both parties completing due diligence and signing a final definitive agreement.
The company said this is the latest development related to its announcement in August regarding the company’s success under its $25 million Series B private placement.
“We’re optimistic that this term sheet will lead to fully funding and closing our Series B round,” said Robert LaBelle, Chief Executive Officer of XTI.
“This is the direct result of our progress over the past 12 months, which included conducting a series of successful initial hover tests, our major collaboration with GE Aviation in July, and receiving 81 orders for the airplane so far. That represents over a half billion dollars in gross revenues upon delivery.”
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 345 miles an hour, with a range of up to 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 ten minutes and cruise to the destination as a highly efficient business aircraft.
“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. Pre-sales of the aircraft to date strongly indicate wide market appeal beyond personal and corporate business aircraft to commuter, medevac, off-shore transport and other use cases.”
Shares in XTI may be purchased for $1.50 a share at https://www.startengine.com/xti-aircraft, providing a unique opportunity for the general public to invest in an aerospace company with a game-changing product, a world-class leadership team, and what the company believes presents significant growth potential. Potential investors should read the Offering Circular before investing.