XTI Aircraft and Xeriant Seek Merger in Bid for $100 Million Equity Flotation
The partners are raising funds to step up development of XTI's TriFan family of hybrid-electric VTOL aircraft, which will carry between six and 16 passengers.
XTI Aircraft and Xeriant Aerospace this week announced they aim to merge in a transaction that the companies say could raise $100 million to support plans to bring the TriFan 600 hybrid-electric VTOL to market by the first quarter of 2025. The two parties are now negotiating the details of the merger, which they say will culminate in an equity uplift to the New York Stock Exchange or Nasdaq.
Under the terms of a letter of intent signed on September 22, Xeriant would acquire all the issued and outstanding shares in Colorado-based XTI. The goal is to reach a definitive merger agreement by October 22. Florida-based Xeriant’s stock is currently listed on the over-the-counter (OTC) market.
