XTIA Stock Rises After-Hours As FAA Moves Vertical Lift Crossover Plan Closer To Approval: Retail Piles In

The company said the TriFan 600 combines the versatility of a helicopter with the speed and range of an aircraft on one platform.

Shares of XTI Aerospace Inc. (XTIA) gained 1.5% in Wednesday’s after-market hours as the company announced that the Federal Aviation Administration (FAA) accepted its Type Certification (TC) application for the TriFan 600.

TriFan 600 is XTIA’s vertical lift crossover airplane – the company says it combines the versatility of a helicopter with the speed and range of an aircraft on one platform.

With the company now bagging TC approval, the next step in the process is getting FAA’s not for the “Basis for Certification” application.

A TC application signifies that an aircraft, engine, or propeller design has met the necessary safety and regulatory standards for airworthiness.

XTIA called it a “significant first-quarter milestone.”

“The powered-lift category is new territory for the FAA and other regulatory bodies, and we've learned a great deal from pioneers like Joby and Archer who have helped shape this regulatory landscape and aided in crafting how the FAA certifies new families of VTOL aircraft,” said Scott Pomeroy, Chairman and CEO of XTI Aerospace.

This comes a day after the company announced a stock buyback program, with its board authorizing the repurchase of shares worth $5 million in a bid to address the “undervaluation” of its stock.

Retail sentiment on Stocktwits around XTIA showed optimism among investors, with some stating they bought into the stock.

However, one user thinks the stock still has a “long way to go.”

XTIA’s stock has fallen more than 76% year-to-date.

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