Log in to use our free company, program and sector update tracker feature.
 

Front page

XTI Aircraft Company launches Series B financing

XTI Aircraft Company (XTI) today launched the next phase of its funding strategy to bring the TriFan 600 to market. In addition to its ongoing equity crowdfunding campaign, XTI entered into an engagement agreement with the New York investment bank Primary Capital LLC, for XTI's $20 million Series B round.

The security being offered to each accredited investor under this financing is a convertible note that will mature in about two years, and has 30 percent warrant coverage.

"Our engagement with Primary Capital expands XTI's ability to raise the funds necessary for the company's first prototype and also reduces the risk for all early investors and potential investors in our continuing equity crowdfunding campaign," said David Brody, XTI's Founder and Chairman. "This is an important step toward raising the funds necessary to build and fly the TriFan 600, which will ultimately provide value to all shareholders.”

XTI plans to build and fly a piloted subscale prototype in two years, and has tied the maturity date of the convertible notes to this milestone. The investors in the Series B round will have the chance to assess XTI's performance before deciding whether to call the note or convert into common stock of XTI when the note matures.

"Primary Capital is pleased to begin this relationship with XTI Aircraft Company," said John Leo, Chairman and Managing Member of Primary. "We're excited to be working with the XTI team and to be supporting this game-changing aerospace project."

The six-seat TriFan 600 will have the speed, range and comfort of a business jet and the ability to take off and land vertically like a helicopter. Using three ducted fans, the aircraft will lift off vertically and its two wing fans rotate forward for a seamless transition to cruise speed, at 400 miles an hour and a range of up to 1,600 miles.

Press release issued by XTI Aircraft Company on September 6, 2016

 

 Contact details from our directory:
XTI Aircraft Company Airframer

 

 Related aircraft programs:
XTI TriFan 600

Enhanced listings:


Ascent Aerospace
Ascent Aerospace is the leading provider of aerospace tooling systems, assembly automation and factory integration.

AC Products, Inc.
Full line of peelable maskants for chemical milling, etching, anodizing, acid stripping, plating and more.

Victrex Plc
New VICTREX® AE250 composites and hybrid molding technology are changing the equation in Aerospace composites – find out more!

Dymax Corporation
A leading manufacturer of advanced light-curable adhesives, maskants, coatings, oligomers, light-curing equipment, and fluid dispense systems.

United Performance Metals
A global distributor and processor of titanium products for over 40 years, and a leading supplier to the aerospace industry.

See our advertising tariff.

 

12
data pages remaining in monthly quota for non-subscribers

© Copyright of Airframer Limited, operated under licence by Stansted News Limited 2017. Terms & Conditions of reading.