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Real-time location systems provider Inpixon has received shareholder approval of proposals related to the previously announced merger agreement with XTI Aircraft Company, developer of the TriFan 600 fixed wing, VTOL aircraft.
The merger is expected to be completed at or around year end and remains subject to certain closing conditions including Nasdaq approval of an initial listing application of the combined company. The combined company is expected to operate under the name XTI Aerospace, Inc and to trade on the Nasdaq Capital market under the symbol 'XTIA' if approved for listing.
If completed, the merger will result in a combined publicly traded company that will focus on advancing the TriFan 600 to market, as well as continuing to offer Inpixon's real-time location systems technology to manufacturing and warehousing facilities for streamlined operations, greater efficiency and improved safety. The enterprise value of XTI was ascertained by an independent financial advisory firm to be within the range of $252 million and $343 million.
"With the support of our shareholders, we are thrilled to announce the approval of this business combination," says CEO Nadir Ali. "This strategic transaction will not only deliver XTI stockholders securities of a publicly traded company but it also ensures that Inpixon shareholders can continue to hold a significant stake in a company that we believe is creating a revolutionary solution for point-to-point air travel. With this combination, we're looking to capture the vast opportunities in the alternative aircraft market, a sector we believe is ripe with innovation and expansion potential. The TriFan 600 airplane combines the comfort, speed and range of similar conventional business aircraft with the flexibility, convenience and pinpoint transportation of a helicopter. The feedback from the market has been overwhelmingly positive as illustrated by the conditional pre-orders for more than 700 TriFan 600s, which would equate to potential gross revenues of more than $7 billion upon delivery."
