Jimmy Joe
4 days ago
Another offshoot of CXAI to couple with XTIA is DMN.
Just keeps giving............
Damon Inc., a maker of high-tech, high-performance electric motorcycles, has debuted on the Nasdaq Global Market under the ticker symbol 'DMN'. The company has over $100 million in deposit-backed reservations for its flagship HyperSport and HyperFighter models. Damon aims to redefine the premium motorcycle category with its electric motorcycles that match or surpass the performance of top-tier internal combustion engine models. The company's public listing is expected to fuel the final stage of development of its HyperDrive platform and prepare operations for HyperSport production. Damon's mission is to transform urban mobility and future-proof motorcycling with its safer, smarter, and cleaner motorcycles.
Generated by Yahoo Finance AI
StockItOut
2 months ago
XTI Aerospace Forms Corporate Advisory Board
NEWS PROVIDED BY
XTI Aerospace, Inc.
Sep 11, 2024, 09:00 ET
Michael Tapp Named Advisory Board Chairman and Senior Advisor
Newly Formed Advisory Board to Help Evaluate Strategic Opportunities
ENGLEWOOD, Colo., Sept. 11, 2024 /PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ: XTIA) today announced formation of the XTI Corporate Advisory Board and the appointment of Michael Tapp as its Chairman. Mr. Tapp is an operating partner for Palingen Capital, an evergreen holding company that acquires lower middle market businesses from legacy-minded owners. Mr. Tapp will also serve as a Senior Advisor to the Company.
"We have begun an exciting new phase in the growth of XTI Aerospace and we have determined that it is time to evaluate our strategic opportunities to best capitalize on strong demand for the TriFan 600 from industry incumbents," said Scott Pomeroy, Chairman and CEO of XTI. "We believe there is a disconnect between the value of XTI's current stock price and the valuations that have been ascribed to XTI by multiple, credible private parties and Michael Tapp will provide guidance to our Board of Directors through the XTI Corporate Advisory Board as we evaluate our strategic pathways."
"XTI innovations represent an inflection point in private regional, medical and military aviation, and I am excited to be part of the team behind it," commented Michael Tapp, newly appointed Chairman of the XTI Corporate Advisory Board and Senior Advisor to XTI. "I have been tasked with assembling a team of key leaders across the industries that demand the capabilities of the TriFan 600 who will provide insights as we advise the XTI Board of Directors in evaluating its corporate direction as XTI enters the next development phase in furtherance of commercialization."
Mr. Tapp is an operating partner for Palingen Capital and has served in a similar role for HBC Investments, a private equity firm, after almost a decade of leadership roles at Interstate Battery. While at Interstate, he was an officer on the senior executive team, the President of Interstate's multi-unit franchise system, and the President of Interstate's industrial power management business. He also has contributed to the Investment Committee of the SBoTX Foundation as well as to the boards of directors and corporate advisory boards of several growth stage companies with international footprints.
Before joining Interstate, Mr. Tapp held senior executive roles at both operating and private equity organizations while serving on the Executive Committee of the Center for New Ventures and Entrepreneurship at Texas A&M University's Mays School of Business.
Mr. Tapp is an active member of the Young Presidents' Organization (YPO) and the National Association of Corporate Directors (NACD).
https://www.prnewswire.com/news-releases/xti-aerospace-forms-corporate-advisory-board-302243871.html
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StockItOut
6 months ago
Do you wonder why XTI is announcing Mesa as shareholder two plus years after it occurred?
XTI Aircraft Company (legacy XTI) bought its TriFan 600 orders, in exchange for XTI warrants and XTI debt as Convertible Notes.
As of December 31, 2021, we received orders for aircraft which generated $2,715,000 of cash from a combination of deposits and convertible notes.
The Company issued common stock warrants in connection with the execution of certain debt financings during the years ended December 31, 2022 and 2021, and in exchange for a conditional aircraft purchase order by a regional airline during 2022.
On February 2, 2022, the Company executed a conditional purchase order with a regional airline customer to deliver 100 TriFan aircraft. In conjunction with this purchase order, the Company issued a warrant for the purchase of a total of 6,357,474 shares of common stock at an exercise price of $0.01. The warrant vests as follows:
• One third (1/3rd) of the warrants vested on February 2, 2022 upon execution of the purchase order agreement;
• One third (1/3rd) of the warrants will vest: (i) in the event that the Company is acquired by a special purpose acquisition corporation (SPAC) and the customer, in its sole discretion, invests a minimum of $10 million in any private investment in public entity (PIPE) consummated in connection with such SPAC transaction, or (ii) upon the occurrence of any other Liquidation Event (as defined in the agreement) resulting in change control of the Company; and
• One third (1/3rd) of the warrants will vest upon acceptance of delivery and final purchase by the customer of the first TriFan aircraft.
As of December 31, 2022, warrants to purchase one-third or 2,119,137 shares were vested. The other two vesting milestones noted above have not yet been achieved. The Company evaluated the warrants determining the warrants are equity classified. Using the Black-Scholes model, the Company determined the grant-date fair value of the warrants was $11,067,091, which the vested portion of $3,652,140 has been recorded as general and administrative expense and additional paid-in-capital for the year ended December 31, 2022.
quester614
6 months ago
I Never did have any shares of this POS. Was in XERI when they did a JV with XTI. Now they have a BS lawsuit against XTI pre merger. Typical OTC BS. Mesa is a real holding company that may end up with no shares of XTI do to stipulations not being met. Same thing XERI lawsuit is over This has given MESA a boost in SP
Mesa Air Group, Inc. is a Nevada Corporation commercial aviation holding company with headquarters in Suite 700 at 410 North 44th Street in the Camelback East area of Phoenix, Arizona, United States. Wikipedia
Mesa initially received the XTI Warrants in February 2022 in connection with entering into an Aircraft Purchase Agreement with XTI for 100 TriFan 600 aircraft. Mesa’s obligations under the Aircraft Purchase Agreement are subject to customary conditions for transactions of this nature, including FAA certification of the aircraft and future agreement between the parties on a number of terms and conditions, which may or may not be met. Mesa currently holds warrants to purchase another 189,156 shares of XTI Aerospace common stock, which are subject to certain vesting milestones.
https://www.marketscreener.com/quote/stock/XTI-AEROSPACE-INC-46980239/news/XTI-Aircraft-Company-completed-the-acquisition-of-Inpixon-from-a-group-of-shareholders-in-a-reverse-46156923/
quester614
6 months ago
I see that the SEC is requiring XTI to file Financials for 2022 & 2023. I see that The audited consolidated financial statements of Legacy XTI for the fiscal year ended December 31, 2022 (the “2022 Audited Financial Statements”) were audited by BF Borgers CPA, PC (“Borgers”).
What are the odds that 2 companies that form a JV and talks of merger have the same CPA . Why did XERI let their CPA go recently when this audit occurred?? They had used the same one for their audits 2020-2023. Don't know when XTI started using them. Just the kind of things that me go HUMMMMMMMMM
I'm sure the replacement was planned and didn't have anything to do with the SEC. LOLOLOL
8-K CURRENT REPORT August 28, 2023
XERIANT, INC.
(a) Dismissal of Registered Public Accounting Firm
Effective August 28, 2023, the Company dismissed BF Borgers CPA PC (“Borgers”) as the Company’s independent registered public accounting firm. The decision to dismiss Borgers was approved by the Company’s Board of Directors.
Effective August 28, 2023, the Company engaged Accell Audit & Compliance, PA (“Accell”), as the Company’s new independent registered public accounting firm. The engagement was approved by the Company’s board of directors.
During the two most recent fiscal years ended June 30, 2021 and 2022, and through the subsequent interim period preceding the Company’s appointment of Accell, neither the Company nor anyone on its behalf, consulted Accell regarding either (i) the application of accounting principles to any specified transaction, either completed or proposed; (ii) the type of audit opinion that might be rendered on the Company’s financial statements, and no written report or oral advice was provided to the Company by Accell that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (iii) any matter that was either the subject of a disagreement (as defined in Item 304(o)(1)(iv)) or a reportable event (as defined in Item 304(a)(1)(v) of Regulation S-K).
https://www.sec.gov/Archives/edgar/data/1481504/000147793223006565/xeri_8k.htm
In connection with the XTI Merger, the Company is required to file an amendment to the Current Report on Form 8-K filed with the SEC on March 15, 2024 (the “8-K Amendment”), which 8-K Amendment will include, among other things, (i) the audited consolidated financial statements of Legacy XTI as of and for the years ended December 31, 2023 and 2022 and (ii) Legacy XTI’s Management’s Financial Discussion and Analysis of Financial Condition and Results of Operations for the years ended December 31, 2023 and 2022.
The audited consolidated financial statements of Legacy XTI for the fiscal year ended December 31, 2022 (the “2022 Audited Financial Statements”) were audited by BF Borgers CPA, PC (“Borgers”). On May 3, 2024, the SEC announced that it had settled charges against Borgers that it failed to conduct audits in accordance with the standards of the Public Company Accounting Oversight Board. As part of the settlement, Borgers agreed to a permanent ban on appearing or practicing before the SEC. As a result of Borgers’ settlement with the SEC, the Company’s current auditors, Marcum LLP, have agreed to review and re-audit the 2022 Audited Financial Statements in connection with the filing of the 2022 Audited Financial Statements with the 8-K Amendment. As a result, the Company may be delayed in filing the 8-K Amendment. If the 8-K Amendment is not timely filed, the Company may lose its S-3 eligibility for at least a 12-month period.
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