XTI Aerospace, Inc. today announced the closing of the merger between Inpixon® and XTI Aircraft Company ("XTI") after market close on March 12, 2024. The newly combined Company, renamed XTI Aerospace, Inc., will begin trading on the Nasdaq Capital Market under the ticker symbol "XTIA" as of market open on March 13, 2024. XTI Aerospace will focus on the development and commercialization of the TriFan 600, a fixed-wing, vertical lift crossover airplane (VLCA), as well as continuing to offer the Company's real-time location systems ("RTLS") technology to manufacturing and other industrial facilities. XTI Aerospace management will host a conference call presentation, date to be announced in the near future, to discuss the new Company and its business plan.

Effective upon the closing of the merger, Scott Pomeroy has been appointed chairman and chief executive officer of XTI Aerospace. Michael Hinderberger will continue in his role as chief executive officer of XTI Aircraft Company, a subsidiary of XTI Aerospace, Soumya Das will serve as chief executive officer of the RTLS business unit of XTI Aerospace, and Brooke Martellaro will be the chief financial officer of XTI Aerospace. Nadir Ali and Wendy Loundermon have resigned as chief executive officer and chief financial officer of XTI Aerospace (formerly Inpixon).

Pomeroy commented, "We're thrilled to have successfully combined our companies. XTI Aerospace will be focused on bringing the distinctive TriFan 600 to market and meeting our performance goals as a fixed-wing business aircraft that will provide the point-to-point convenience of a helicopter. We expect the TriFan 600 to be able to serve nearly every segment of private air travel including business, medevac, leisure, and cargo. Demonstrating the market demand for the TriFan, we've secured over 700 conditional pre-order1 reservations, and indications of interest from a variety of customer types, which have the potential to generate over $7 billion in gross revenue2 upon delivery of the aircraft. We believe with the completion of this merger XTI Aerospace is positioned to drive value for shareholders as we execute on key milestones and progress toward commercialization. In addition, our leadership team is comprised of aviation industry veterans who bring a deep knowledge and understanding of the market. This is a transformational step in the Company's history, and we look forward to the continued execution of our business strategy and to bringing the TriFan 600 to market."

David Brody, founder and chairman of XTI Aircraft Company, added, "We believe this merger provides the Company with a solid foundation on which we can accelerate our development of the TriFan 600. We expect to be in a position to expand our operations, move forward on building our first full-scale piloted test aircraft and commencing flight tests within about two years, as we continue our efforts toward achieving FAA certification and commercial production."

Concurrent with the transaction close, an entity controlled by the outgoing CEO, Nadir Ali, has invested $1.5 million in an equity financing in the Company and acquired approximately 1,500 shares of the Company's new Series 9 Preferred Stock. Ali stated, "We are pleased to have completed the transformational merger to create XTI Aerospace. We worked tirelessly to identify strategic alternatives that we believe have the potential to maximize value for our shareholders, and we could not be more excited about this latest transaction. We are very encouraged by the progress made to date, and as an investor I look forward to witnessing the contributions of the new leadership team."