ENGLEWOOD, Colo., Nov. 18,
2024 /PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq:
XTIA) ("XTI Aerospace" or the "Company") today congratulates Damon
Motors Inc. ("Damon Motors") on the announced completion of its
business combination with Grafiti Holding Inc. a former subsidiary
of XTI Aerospace, Inc., (which was renamed Damon Inc. on closing)
("Damon").
In connection with the transaction, XTI Aerospace received
securities of Damon consisting of common stock and warrants. The
common shares of Damon Inc. are expected to begin trading under the
ticker symbol "DMN" on the Nasdaq Global Market on November 18, 2024.
"We congratulate Damon on both completing its merger and on
Damon's listing on Nasdaq," said Scott
Pomeroy, Chairman and CEO of XTI Aerospace. "We believe
Damon's motorcycles are destined to transform the two-wheeled
transportation market, and we look forward to watching their
progress as XTI strives to transform aerial transportation."
Prior to the closing of the business combination, the previously
announced 1-for-50 share distribution of Damon common shares to the
December 27, 2023 record date
participating stockholders of XTI Aerospace was also completed. The
Form 10-12B registration statement of
Damon was declared effective by the U.S. Securities and Exchange
Commission on November 12, 2024. All
fractional shares in the distribution were rounded up. The
Damon shares distributed to shareholders are subject to lock-up
restrictions for 180 days after the closing of the business
combination, with the following release schedule: 20% at the
closing, 40% at 90 days following the closing, 40% at 180 days
following the closing, subject to accelerated release from lock-up
restrictions if, following closing, the public share price of Damon
reaches a certain threshold.
For U.S. federal and applicable state income tax purposes, the
record date participating securityholders are deemed to have
received a distribution of the Damon shares from XTI Aerospace as
of the record date. RECIPIENTS OF DAMON SHARES IN THE
DISTRIBUTION ARE ENCOURAGED TO CONSULT THEIR OWN TAX ADVISORS
REGARDING THE PARTICULAR TAX CONSEQUENCES OF THE DISTRIBUTION TO
THEM.
About XTI Aerospace, Inc.
XTI Aerospace (XTIAerospace.com) (Nasdaq: XTIA) is the parent
company of XTI Aircraft Company (XTIAircraft.com), an aviation
business based near Denver,
Colorado, currently developing the TriFan 600, a
fixed-wing business aircraft designed to have the vertical takeoff
and landing (VTOL) capability of a helicopter, speeds of 345 mph
and a range of 700 miles, creating an entirely new category – the
vertical lift crossover airplane (VLCA). Additionally, the Inpixon
(inpixon.com) business unit of XTI Aerospace is a leader in
real-time location systems (RTLS) technology with customers around
the world who use the Company's location intelligence solutions in
factories and other industrial facilities to help optimize
operations, increase productivity, and enhance safety. For more
information about XTI Aerospace, please visit XTIAerospace.com
and HangerXStudios.com (aviation innovation podcast), and follow
the company on LinkedIn, Instagram, X, and YouTube.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act,
and Section 21E of the Exchange Act. All statements other than
statements of historical fact contained in this press release,
including without limitation, statements about the products under
development by XTI, the advantages of XTI's technology, and XTI's
customers, plans and strategies are forward-looking statements.
Some of these forward-looking statements can be identified by
the use of forward-looking words, including "believe," "continue,"
"could," "would," "will," "estimate," "expect," "intend," "plan,"
"target," "projects," or the negatives of these terms or variations
of them or similar expressions. All forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. All forward-looking
statements are based upon estimates, forecasts, and assumptions
that, while considered reasonable by XTI Aerospace and its
management, are inherently uncertain, and many factors may cause
the actual results to differ materially from current expectations.
XTI undertakes no obligation to revise any forward-looking
statements in order to reflect events or circumstances that might
subsequently arise. Readers are urged to carefully review and
consider the risk factors discussed from time to time in XTI's
filings with the SEC, including those factors discussed under the
caption "Risk Factors" in its most recent annual report on Form
10-K, filed with the SEC on April 16,
2024, and in subsequent reports filed with or furnished to
the SEC.
Contacts
General inquiries:
Email: contact@xtiaerospace.com
Web: https://xtiaerospace.com/contact/
Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: XTIA@crescendo-ir.com
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SOURCE XTI Aerospace, Inc.