XTI Aerospace Acquires Drone Nerds For Total Purchase Price Of $40M
Benzinga Newsdesk 11 months ago
M&A
The total purchase consideration was approximately $40 million:$20 million in cash (paid from XTI's cash on-hand);$11.9 million in the form of promissory notes (including approximately $1.6 million in working
The total purchase consideration was approximately $40 million:
- $20 million in cash (paid from XTI's cash on-hand);
- $11.9 million in the form of promissory notes (including approximately $1.6 million in working capital adjustments); and
- $9.7 million equity consideration, granted as units of the Drone Nerds subsidiary, which on or after May 1, 2026, can be exchanged for 6,524,576 common shares of XTI, representing 19.9% of the common shares of XTI outstanding pre-acquisition. Upon any conversion, the resulting XTI common stock will be locked-up until November 10, 2026.