|Rendering of the TriFan 600 from XTI Aircraft Company. Photo: XTI Aircraft Company
[Avionics Today 11-11-2015] The XTI Aircraft Company, which launched an equity crowdfunding campaign for its TriFan 600 vertical takeoff aircraft earlier this year, has requested U.S. Securities and Exchange Commission (SEC) qualification to convert almost $14 million in expressed interest into real investments for thousands of individuals worldwide.
XTI tested the waters in crowdsourcing funds for aircraft programs in August in order to develop the TriFan 600 — a six-seat fixed-wing airplane with the speed, range, and comfort of a business jet, and the ability to take off and land like a helicopter. Conceptual design of the aircraft has been completed and validated by an independent team of technical experts, according to XTI.
If the company receives SEC qualification, XTI will be authorized to begin converting the initial expressions of interest into equity stakes, as shareholders in the company. At the same time, anyone in the world who has not yet signed up on the crowdfunding platform can still sign up and become shareholders.
Based on XTI's valuation of the company, the initial group of investors will own approximately 15 percent to 25 percent of the company, depending on the amount raised in this offering.
"This is an unprecedented opportunity that has captured the imagination of many small investors," said David Brody, founder and chairman of XTI. "People recognize this as a once-in-a-lifetime chance to get in early on something truly revolutionary, and to help shape and own the future of flight."