XTI extends crowdfunding offering, patents eVTOL in China
Colorado-based eVTOL manufacturer XTI has extended the deadline of its crowdfunding effort to tide the company over until the closing of its Series B Financing which opened in September. It has also patented its eVTOL design in China.
The company initially planned to close the StartEngine crowdfunding campaign by the end of 2019 but now plans to keep offering shares on the website into the first quarter of 2020 when its $25m Series B financing is set to close.
The company will also allow to investors to trade shares on online trading platforms soon. It will allow investors to trade on “one or more alternative markets”, including the upcoming StartEngine investor trading platform.
Right now, XTI is offering individual shares to the general public at $1.50 apiece. Accredited investors may also participate in the $25m Series B private placement that opened in September.
XTI CEO Robert LaBelle said: “Our offering on the StartEngine platform has provided and continues to provide a rare opportunity for unaccredited and accredited investors around the world to own a piece of the future of flight. The TriFan 600 vertical take-off airplane will transform air travel.
“The market continues to recognize the value proposition of our unique and revolutionary airplane and its patented technology. Vertical take-off combined with long-range, the speed and comfort of a business aircraft, and our quieter and cleaner state-of-the-art hybrid-electric propulsion system.”
Asia Pacific Patents
Whilst most of the initial buzz around UAM and eVTOL was focused on the USA and Western Europe, a lot of the talk recently has shifted to markets such as East and South East Asia due to their more-accommodating regulatory environments.
In-keeping with this trend, XTI also secured a utility patent from the China National Intellectual Property Administration (CNIPA) for the technology and configuration of its XTI TriFan 600 eVTOL.
This effectively patents the TriFan 600 design in the Chinese market and comes shortly after XTI patented the aircraft in Japan in August.
“These two patents together provide broad protection for our unique aircraft in the significant Asian market and enable us to continue to expand our global market,” said LaBelle.