DENVER, Colo. — XTI Aircraft Company, which is developing the TriFan 600, has asked the U.S. Securities and Exchange Commission (SEC) to convert almost $14 million in expressed interest into real investments for thousands of individuals worldwide.
XTI launched a “test-the-waters” equity crowdfunding campaign in late August to develop the TriFan 600, a six-seat fixed-wing airplane with the ability to take off and land like a helicopter. Conceptual design of the aircraft has been completed and validated by an independent team of technical experts, according to company officials.
If the company receives SEC qualification, XTI will be authorized to begin converting the initial expressions of interest into equity stakes, as shareholders in the company.
Based on XTI’s valuation of the company, the initial group of investors will own approximately 15%-25% of the company, depending on the amount raised in this offering.
“This is an unprecedented opportunity that has captured the imagination of many small investors,” said David Brody, founder and Chairman of XTI. “People recognize this as a once-in-a-lifetime chance to get in early on something truly revolutionary, and to help shape and own the future of flight.”