XTI Aerospace, Inc. (XTIA): M&A transaction — XTI Aerospace files audited Legacy XTI financials: $57.96M deficit, going concern

XTI Aerospace, Inc.

Legacy XTI net loss $25.07M in 2023; accumulated deficit $57.96M as of Dec 31, 2023.
Auditor cites substantial doubt about going concern due to working capital deficiency.
Cash and equivalents only $4,580 at Dec 31, 2023; operating cash flow negative $4.18M.
Merger with XTI Aerospace completed March 12, 2024; pro forma combined results filed.
Legacy XTI remains development-stage with zero revenue; no TriFan 600 commercialization yet.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

XTI Aerospace, Inc. completed an acquisition involving XTI Aircraft Company (Legacy XTI) (closed 2024-03-12).

Action: acquisition
Counterparty: XTI Aircraft Company (Legacy XTI)
Closing: 2024-03-12

Exact text from the filing

the completion of its previously announced acquisition of XTI Aircraft Company ("Legacy XTI") on March 12, 2024

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XTI Aerospace, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-046831

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