8-Sep-2016 Source: XTI
XTI Aircraft Company (XTI) today launched the next phase of its funding strategy to bring the TriFan 600 to market. In addition to its ongoing equity crowdfunding campaign, XTI entered into an engagement agreement with the New York investment bank Primary Capital LLC, for XTI’s $20 million Series B round.
The security being offered to each accredited investor under this financing is a convertible note that will mature in about two years, and has 30 percent warrant coverage.
“Primary Capital is pleased to begin this relationship with XTI Aircraft Company,” said John Leo, Chairman and Managing Member of Primary. “We’re excited to be working with the XTI team and to be supporting this game-changing aerospace project.”
The six-seat TriFan 600 will have the speed, range and comfort of a business jet and the ability to take off and land vertically like a helicopter. Using three ducted fans, the aircraft will lift off vertically and its two wing fans rotate forward for a seamless transition to cruise speed, at 400 miles an hour and a range of up to 1,600 miles.