UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
To the extent required, the information set forth below in Item 5.02 of this Current Report on Form 8-K is incorporated herein by reference in its entirety.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Leonard Oppenheim resigned from the Board of Directors (the “Board”) of XTI Aerospace, Inc. (the “Company”), including all committees thereof and any other positions held with the Company or any of its subsidiaries, effective as of March 31, 2024. Mr. Oppenheim’s resignation was for personal reasons and not due to any disagreement relating to the operations, policies or practices of the Company.
As previously disclosed, and as contemplated by the terms of the Agreement and Plan of Merger, dated July 23, 2024 (as amended, the “Merger Agreement”), by and between the Company (then known as Inpixon), Superfly Merger Sub Inc. (“Merger Sub”) and XTI Aircraft Company (“Legacy XTI”), as of the effective time (the “Effective Time”) of the merger of Merger Sub with and into Legacy XTI, with Legacy XTI surviving the Merger as a wholly-owned subsidiary of the Company (the “Merger”), the Company determined that the post-closing Board would consist of a total of five directors, and therefore, two of the directors are required to have been nominated by the Company, at least one of whom is an independent director. Accordingly, the Board is currently comprised of two directors nominated by the Company prior to the Effective Time (Messrs. Kareem Irfan and Soumya Das) and two directors nominated by Legacy XTI prior to the Effective Time (Mr. Scott Pomeroy, who is also the Company’s Chief Executive Officer, and Mr. David Brody).
On April 3, 2024, the Company notified The Nasdaq Stock Market LLC (“Nasdaq”) that the Company no longer complies with Nasdaq’s independent director and audit committee requirements as set forth in Listing Rule 5605 as the Board is not comprised of a majority of “independent directors” (as that term is defined in Nasdaq Listing Rule 5605(a)(2)) as required by Nasdaq Listing Rule 5605(b)(1) and the audit committee is not comprised of at least three independent directors as required by Nasdaq Listing Rule 5605(c)(2)(A).
In response to the Company’s notice, the Listing Qualifications Department of Nasdaq issued a letter to the Company on April 4, 2024 stating that due to Mr. Oppenheim’s resignation, the Company no longer complies with Nasdaq’s independent director and audit committee requirements as set forth in Nasdaq Listing Rule 5605. Consistent with Nasdaq Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq has provided the Company a cure period in order to regain compliance (i) until the earlier of the Company’s next annual shareholders’ meeting or March 31, 2025, or (ii) if the next annual shareholders’ meeting is held before September 27, 2024, then the Company must evidence compliance no later than September 27, 2024. The Company intends to appoint an additional independent director to the Board and the audit committee prior to the end of the cure period.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| XTI AEROSPACE, INC. | ||
| Date: April 4, 2024 | By: | /s/ Scott Pomeroy |
| Name: | Scott Pomeroy | |
| Title: | Chief Executive Officer | |
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