XTI Aircraft Company, a company developing a VTOL aircraft known as the TriFan 600, has entered a merger agreement with Inpixon, a developer of real-time location systems (RTLS).

If completed, the two companies will become a combined public company known as XTI Aerospace that will be traded on Nasdaq. Under this company, Inpixon’s industrial RTLS solutions will be offered as a separate business line, while XTI Aircraft Company will operate as a wholly-owned subsidiary. 

As per the agreement, XTI shareholders will own ~60% of the outstanding shares of common stock of the post-combination company, while Inpixon shareholders will own ~40%. It was also noted that XTI was valued in the range of USD 252 million–343 million.

Once completed, the combined company will be focusing on advancing the TriFan 600 to commercialization, and will continue to offer Inpixon’s RTLS technology. In line with this, XTI stated that they will be expanding operations and developing its first full-scale piloted test aircraft and continue toward FAA certification and commercial production.

Thus far, the transaction has been approved by Inpixon’s and XTI’s boards of directors and XTI’s controlling shareholders. It is now to be approved by Inpixon shareholders. The merger is expected to close in Q4 2023.