XTI Aerospace Inc. has announced the successful closing of its $16 million public offering. The offering included 9,143,000 shares of common stock and warrants to purchase an equal number of shares at a public offering price of $1.75 per share or pre-funded warrants. Additionally, 1,371,000 common warrants were sold through the underwriter's over-allotment option. Each warrant allows the holder to purchase a share of common stock at $2.00 within five years. The proceeds will support working capital and the development of the TriFan 600 airplane. ThinkEquity served as the sole book-running manager for this offering.
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