Inpixon (NASDAQ: INPX) stock surged over 12% on Monday as merger closure with XTI Aircraft Company approaches.
Inpixon (INPX) has announced that it expects the merger with XTI Aircraft Company to close after market hours on Monday.
The company will rebrand itself as XTI Aerospace upon completion of the merger and commence trading on the Nasdaq Capital Market under the ticker symbol “XTIA” starting Tuesday, March 13, 2024. This move coincides with Inpixon’s common stock consolidation to meet Nasdaq’s initial listing and continued listing requirements.
XTI Aerospace’s primary focus post-merger will be advancing the TriFan 600, a vertical lift crossover airplane (VLCA). This aircraft combines the speed and luxury of a business jet with the agility of a helicopter, catering to a diverse range of private air travel needs, including business, medical evacuation, leisure, and cargo transportation.
The company has already garnered more than 700 conditional pre-order reservations, suggesting a potential gross revenue of over $7 billion upon delivery, considering the current list price of $10 million per aircraft.
Nadir Ali, the CEO of Inpixon, has voiced confidence in the merger, affirming that it promises to be a game-changing move for the company. He emphasized that it will allow shareholders to engage in the commercialization of the TriFan 600.
The stock consolidation will merge every one hundred shares of Inpixon’s common stock into one share of XTI Aerospace’s common stock. Any fractional shares generated from the consolidation will be rounded to the nearest whole share.
Inpixon (NASDAQ: INPX) Stock Reaction
INPX stock jumped 12.10% to close at $0.06 on Monday. The traders had exchanged hands with 141,488,843 (141.48 million) shares compared to the average daily trading volume of 15.89 million.
Inpixon INPX INPX shares INPX stock INPX stock news NASDAQ: INPX
