XTI Aerospace prices 363.64M share common stock offering at 5.5c per share

XTI Aerospace (XTIA) announced the pricing of a best-efforts offering of 363.64M shares of its common stock priced at-the-market under Nasdaq rules. Each share of common stock is being sold at an offering price of 5.5c per share. All of the shares in the offering are being offered by the company. Total gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $20M. The offering is expected to close on January 10, subject to satisfaction of customary closing conditions. The company intends to use the net proceeds from the offering primarily for general working capital and general corporate purposes. ThinkEquity is acting as sole placement agent for the offering.