By Juliet Van Wagenen | January 22, 2016
|Rendering of XTI’s TriFan 600 aircraft. Photo: XTI Aircraft Company|
[Avionics Today 01-22-2016] The U.S. Securities and Exchange Commission has qualified the XTI Aircraft Company’s (XTI) crowdfunding campaign under Regulation A+, which allows for unaccredited investors to contribute to the funds for the company’s new aircraft program for its Vertical Take-Off and Landing (VTOL) Tri-Fan 600 aircraft. The company announced in August its decision to crowdsource funds for the six-seat, fixed wing aircraft design, which has the speed and range of a business jet and the ability to takeoff and land like a helicopter. In November, XTI Aircraft filed with the U.S. Securities and Exchange Commission (SEC) to convert nearly $14 million in expressed interest from crowdsourcing into real investments, which the SEC has now approved.
XTI has launched a formal stock offering and is accepting investments to support development of the TriFan 600 aircraft along with a 30-day window for non-accredited investors to contribute funds. According to XTI, since last August, more than 2,000 potential investors expressed more than $20 million in interest to develop aircraft. Plans call for completion of a flying concept demonstrator prototype in three years.