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XTI Aircraft will extend its current offering on the StartEngine crowdfunding platform until closing its Series B financing, the company announced on March 16.
Based near Denver, Colorado, XTI is working to develop the hybrid-electric TriFan 600 — a novel VTOL aircraft that is targeting the speed and range of a business aircraft. The company announced last year that it planned to close its StartEngine financing sometime during the fourth quarter of 2019.
XTI then extended the campaign to March 20, 2020, and has now decided to extend it again until it closes the Series B financing, which it expects to happen in the second quarter of 2020. In the meantime, shares will continue to be available on StartEngine for $1.50.
In a press release, XTI CEO Robert LaBelle explained, “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. . . . We appreciate the strong continued support from investors as well as StartEngine for making this possible.”
Simultaneously with the equity crowdfunding financing, accredited investors may participate in XTI’s $25 million Series B round, the company said.