XTI extends crowdfunding offering
Colorado VTOL manufacturer XTI Aircraft has extended its equity crowdfunding offering for the second time, enabling it to continue selling shares until it closes its $25m Series B financing round.
XTI originally planned to close the Series B round in January and stop selling crowdfunding shares. Now the deadline has been pushed back to an unspecified time in the first quarter this year, allowing the company to continue selling shares through crowdfunding until it is closed.
“Our offering on the StartEngine platform has provided and continues to provide a rare opportunity for unaccredited and accredited investors around the world to own a piece of the future of flight,” XTI CEO Robert LaBelle said. “The XTI TriFan 600 vertical takeoff airplane will transform air travel forever. We thank all of our investors, as well as StartEngine for making this possible.”
The Series B funding round was first announced in 2016. Led by Primary Capital, the round consists of equity and convertible debt equating to $25m and was originally planned to close in January. XTI is using proceeds from both the crowdfunding and Series B funding to develop its XTI TriFan 600 VTOL.
The company first setup its crowdfunding campaign in April 2016, netting approximately $1m before formally announcing its Series B investment from Primary Capital in September 2016, according to Crunchbase figures.
XTI originally planned to stop its crowdfunding campaign in December 2019, in time for the Series B closure in January 2020.
In total, XTI has netted approximately $2.5m through crowdfunding.
The XTI TriFan is a distinctive eVTOL design. Vertical lift is provided by three ducted fans, two of which rotate forward to provide propulsion. The aircraft will be able to travel at 345mph at a range of up to 1,200 miles, according to the company.