ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ: XTIA), a company developing the TriFan 600 vertical lift crossover airplane (VLCA), announced the appointment of Tensie Axton to its Board of Directors. Axton will also chair the Board's Nominating and Corporate Governance Committee and serve on the Audit and Compensation Committees, effective May 13, 2024.
With over three decades of experience in various financial and operational roles, Axton brings a wealth of knowledge to XTI Aerospace. Her background includes senior positions at FTI Consulting (NYSE:FCN), Inc., Neighbors Health, LLC, Colorado Bancorp, and Pinnacle Medical Partners. Axton's expertise extends to capital markets, mergers and acquisitions, investor relations, and strategic planning, making her a valuable addition to the company at a critical stage of its growth.
Scott Pomeroy, CEO of XTI Aerospace, expressed confidence in Axton's ability to contribute to the company's strategic direction, particularly as it moves towards commercializing its flagship TriFan 600 aircraft. The TriFan 600 is designed to combine the vertical takeoff capability of a helicopter with the speed and range of a fixed-wing business aircraft.
XTI Aerospace is also known for its Inpixon (NASDAQ:XTIA) business unit, which specializes in real-time location systems (RTLS) technology. The company's location intelligence solutions are utilized globally in industrial settings to optimize operations and enhance safety.
InvestingPro Insights
XTI Aerospace, Inc. (NASDAQ: XTIA) has recently welcomed Tensie Axton to its Board of Directors, a strategic move that underscores the company's commitment to strengthening its governance and financial strategy. This decision comes at a time when XTIA is navigating through a challenging financial landscape, as reflected in InvestingPro data and tips.
InvestingPro Data highlights the company's market capitalization at $18.01 million, indicating a relatively small scale in the aerospace industry. The financials show a negative P/E ratio over the last twelve months as of Q3 2023, standing at -1.64, which typically suggests that investors are not expecting earnings growth in the near future. Additionally, the company's price has been trading near its 52-week low, with the price at the previous close being $1.64.
InvestingPro Tips reveal several critical factors investors should consider. XTIA has been quickly burning through cash, which is a significant concern for a company in the capital-intensive aerospace sector. Furthermore, the stock has experienced high price volatility and has taken a substantial hit over the last week, month, and six months, with price total returns plummeting by over 50% in these periods.
It is important to note that XTIA does not pay dividends to shareholders, which could be a factor for income-focused investors to consider. The InvestingPro product includes additional tips that could provide deeper insights into XTIA's financial health and future prospects. There are currently 12 more InvestingPro Tips available for XTIA, which can be accessed at https://www.investing.com/pro/XTIA. For those interested in leveraging these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
Tensie Axton's background in financial and operational roles could be pivotal for XTI Aerospace as it seeks to address these financial challenges and move towards commercializing its TriFan 600 aircraft. Her expertise in capital markets and strategic planning will be instrumental in guiding the company through its current financial turbulence.
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