XTI Aerospace (XTIA) said Tuesday it priced an offering of about 363.6 million shares at $0.055 apiece, targeting gross proceeds of about $20 million.
The company said it is selling all the shares in the offering, which will likely close on Friday. It intends to use the net proceeds primarily for working capital and general corporate purposes.
Shares of the company slumped 50% in premarket activity Wednesday.
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