XTI Aircraft Company (XTI) has launched the next phase of its funding strategy to bring the TriFan 600 to market, the company said.
The company is engaged in an ongoing equity crowd funding campaign, and said it has entered into an engagement agreement with the New York investment bank Primary Capital LLC, for XTI´s USD20 million Series B round.
XTI said it plans to build and fly a piloted subscale prototype in two years, and has tied the maturity date of the convertible notes to this milestone. The investors in the Series B round will have the chance to assess XTI´s performance before deciding whether to call the note or convert into common stock of XTI when the note matures.
XTI Aircraft Company is a privately owned aviation business based in Denver. XTI is founded on a culture of customer-focused problem solving to meet the evolving needs of modern travelers.
Primary Capital is a full-service investment-banking firm that provides a broad range of banking and advisory services with a focus on the needs of small to mid-sized public companies and late stage private companies.