8-K
filed May 1, 2024, 7:59 PM ET
ticker XTIA
CIK 0001529113
debt
confidence high
sentiment negative
materiality 0.65
XTI Aerospace, Inc. (XTIA): debt financing — XTI Aerospace raises $1M net via secured note with Streeterville, exchanges warrants and preferred stock
XTI Aerospace, Inc.
- Issued $1.305M secured promissory note to Streeterville Capital; net $1M after $290K OID & $15K fees; 10% interest, 12-month maturity.
- Note includes prepayment penalty (115%), 10% monitoring fee after 6 months, mandatory 25% prepayment on equity raises upon default.
- Exchanged 918,690 existing warrants for 643,082 common shares (0.70/share); warrants cancelled.
- Exchanged 750 Series 9 Preferred shares ($787,500 stated value) for 266,047 common shares at $2.96/share; amended Series 9 terms.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
XTI Aerospace, Inc. incurred loan of $1,305,000.00 with Streeterville Capital, LLC at 10% per annum maturing 12 months from the issuance date.
- Instrument
- loan
- Principal
- $1,305,000.00
- Counterparty
- Streeterville Capital, LLC
- Rate
- 10% per annum
- Maturity
- 12 months from the issuance date
- Event
- incurrence
Exact text from the filing
On May 1, 2024, XTI Aerospace, Inc. (the “Company”) entered into a note purchase agreement (the “Purchase Agreement”) with Streeterville Capital, LLC (the “Holder”), pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the “Note”) in an initial principal amount of $1,305,000.00 (the “Initial Principal Amount”), which is payable on or before the date that is 12 months from the issuance date (the “Maturity Date”)
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
XTI Aerospace, Inc.: Certificate of Amendment to Series 9 Preferred Stock Certificate of Designation to allow payment in securities or other property upon a Corporation Optional Conversion, adjust notice timing, and eliminate majority consent requirement for debt repayment to Series 9 holders (effective 2024-04-30).
- Change
- charter amendment
- Effective
- 2024-04-30
Exact text from the filing
On April 30, 2024, the Company filed a Certificate of Amendment to Designations of Preferences and Rights of Series 9 Preferred Stock (the “Certificate of Amendment”) with the Secretary of State of the State of Nevada, which now allows the Company to pay the holders of Series 9 Preferred Stock, if such holders agree, with securities or other property of the Company in an amount equal to the Series 9 Preferred Liquidation Amount (as defined in the Series 9 Preferred Stock Certificate of Designation) in the event the Company elects to redeem all of any portion of the Series 9 Preferred Stock then issued and outstanding (a “Corporation Optional Conversion”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
XTI Aerospace, Inc. entered into Purchase Agreement with Streeterville Capital, LLC valued at $1,305,000.00 (effective 2024-05-01).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Streeterville Capital, LLC
- Value
- $1,305,000.00
- Effective
- 2024-05-01
Exact text from the filing
On May 1, 2024, XTI Aerospace, Inc. (the “Company”) entered into a note purchase agreement (the “Purchase Agreement”) with Streeterville Capital, LLC (the “Holder”), pursuant to which the Company agreed to issue and sell to the Holder a secured promissory note (the “Note”) in an initial principal amount of $1,305,000.00 (the “Initial Principal Amount”)
View on SEC.gov
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