Inpixon anticipates closing XTI Aircraft merger on March 12

Inpixon (INPX) announced that the company and XTI Aircraft Company anticipate the closing date of the previously announced merger will be after market close on March 12. Following closing, the company will operate under the name “XTI Aerospace, Inc.” Immediately prior to the closing of the transaction, the company will implement a consolidation of the company’s common stock for the purpose of satisfying initial listing requirements for the combined company and to bring the company into compliance with Nasdaq continued listing rules. The consolidation will be effective as of market open on March 13, upon which trading will commence on the Nasdaq Capital Market under the new ticker symbol “XTIA”, with a new CUSIP number, 98423K108. Concurrent with the transaction closing, it is expected that an entity controlled by Inpixon’s CEO will invest $1.5M in an equity financing in the company. In connection with the consolidation of the company’s common stock, every one hundred shares of its outstanding common stock (INPX) will automatically be combined into one share of common stock of the combined company (XTIA). Any fractional shares resulting from the consolidation will be rounded up to the nearest whole share of common stock. XTI Aerospace will be focused on advancing development of the TriFan 600, its vertical lift crossover airplane, as well as continuing to offer the company’s real-time location systems technology to manufacturing and warehousing facilities for “streamlined operations, greater efficiency, and improved safety,” the company stated.