The General Aviation Manufacturers Association (GAMA) reports in a Linkedin post that the US Federal Aviation Administration (FAA) Innovation Office has accepted XTI Aerospace’s type certificate application for the TriFan 600, a VTOL aircraft designed to blend the best of business jets and helicopters. “The Colorado-based company is gearing up to unveil its subscale working model, “Sparrow,” early in Q2,” says GAMA. “The Sparrow will be used to test and validate critical design elements, providing valuable data for the full-scale aircraft’s development. With a 600 nm range and 300-knot cruise speed, the TriFan 600 aims to redefine air travel. The FAA has begun reviewing XTI’s certification plan, a significant step for the powered-lift category.
Separately, XTI Aerospace on March 31 announced a USD5 million stock buyback. According to the company: “the closing of its underwritten public offering of 2,941,200 shares of common stock (or pre-funded warrants (“Pre-Funded Warrants”) in lieu thereof) and warrants to purchase up to 2,941,200 shares of common stock at a combined public offering price of USD1.36 per share (inclusive of the Pre-Funded Warrant exercise price) and associated warrant. The warrants have an exercise price of USD1.36 per share and are immediately exercisable upon issuance for a period of five years following the date of issuance.”
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