XTI Aerospace Skyrockets On Share Consolidation Plan: Retail Says Fasten Your Seatbelts
Synopsis
XTI Aerospace emphasized its long-term strategy with a strengthened focus on its flagship product, the TriFan 600, alongside efforts to broaden its expertise in the wider powered-lift category.
Shares of XTI Aerospace Inc. (XTIA) skyrocketed in afternoon trade on Tuesday after the company announced a share consolidation plan, gaining more than 32%.
XTI Aerospace announced a 1-for-250 stock consolidation, effective Jan. 10, planning to raise capital and pursuing strategic acquisitions.
"We're excited to take this next step as we continue to execute on our strategy to become a leader in VTOL development within the powered lift category," said Scott Pomeroy, Chairman and CEO of XTI Aerospace.
The company emphasized its long-term strategy with a strengthened focus on its flagship product, the TriFan 600, alongside efforts to broaden its expertise in the wider powered-lift category.
“XTI views the recent announcement by the FAA regarding the powered-lift category as a clear sign that a new era of aviation is underway, and XTI is positioning itself to play an integral role in the market through strategic development advances,” the company noted.
The Federal Aviation Administration (FAA) had in October finalized key regulations regarding powered-lift aircraft.
“These regulations represent a proactive approach by the FAA, supporting short-range urban air mobility (UAM) vehicles and more advanced vertical lift technologies like the XTI TriFan 600,” XTI Aerospace said at the time.
Reacting to the news, XTI Aerospace stock price surged more than 40% in morning trade, before paring some of its gains.
Users on Stocktwits expressed optimism about XTIA stock price.
One user booked their gains, but noted that they will be back after the share consolidation is done.
XTIA stock price has declined more than 70% in the past six months, while its one-year performance is worse, with a fall of nearly 98%.
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