After a pause in its crowdfunding campaigns, XTI Aircraft Company (XTI) announced Sept. 20 that the U.S. Securities and Exchange Commission (SEC) has qualified its latest round at an increased price of $1.50 per share under the company’s online equity crowdfunding program. Its prior crowdfunding round was priced at $1.00 per share.
“This is excellent timing. Our first prototype is almost complete, and we’ll begin flight tests within the next month,” said Robert LaBelle, CEO of XTI. “We continue to receive more orders for the TriFan 600 airplane, and we project higher sales for the company than previously estimated. We believe that this translates into reduced risk, a higher return for investors, and an increase in the company’s valuation.”
“Our offering on the StartEngine platform will continue to provide a rare opportunity for unaccredited and accredited investors around the world to own a piece of the future of flight,” LaBelle said. “The TriFan 600 vertical take-off airplane will transform air travel forever. We thank all of our investors as well as StartEngine for making this possible.”
The TriFan is a major breakthrough in aviation and air travel. The six-seat TriFan 600 will have the speed, range and comfort of a luxury business aircraft and the ability to take off and land vertically, like a helicopter. It will travel at 345 miles an hour, with a range of up to 1,200 miles. Using three ducted fans, the TriFan lifts off vertically. Its two wing fans then rotate forward for a seamless transition to cruise speed and its initial climb. It will reach 30,000 feet in just ten minutes and cruise to the destination as a highly efficient business aircraft.
Following XTI’s exhibits at the Paris Air Show in June 2017, the annual National Business Aviation Association’s convention in Las Vegas in October, XTI announced that it had booked 60 orders for the TriFan 600 under the company’s pre-sales program.
“The market continues to recognize the value proposition of our unique and revolutionary airplane,” said LaBelle. “The company’s patented technology includes vertical takeoff combined with long-range, the speed and comfort of a business aircraft, and our quieter and cleaner state-of-the-art hybrid-electric propulsion system.”
XTI launched a formal stock offering in 2016 under SEC Regulation A, and the latest round of its offerings under Regulation A is now re-opened to all unaccredited and accredited investors around the globe.
Simultaneously with the equity crowdfunding financing, accredited investors may participate in XTI’s $25 million Series B round.
