XTI Aircraft Co. has reopened its crowdfunding project to build a piloted TriFan 600 prototype after the company failed to reach its minimum investments. Its current offering now does not have a lower limit.
XTI received a Securities & Exchange Commission approval to sell 20 million shares of common stock to investors, the company said Monday. Under Regulation A stock offerings launched earlier this year, XTI raised $1.2 million from more than 700 individual investors. It refunded investments after it had not reached its self-proclaimed $3 million milestone by April 30.
Because the initiative has once again garnered "hundreds of the original investors and new potential investors" since April 30, the company refiled with the SEC with no minimum required.
The company said it also plans to accelerate its development schedule. A 10%-scale model is expected in six months, after it achieves its previous investment level of at least $1.2 million in financing. A two-thirds piloted prototype is expected two years later.
The six-seat TriFan 600, the company says, will have the speed, range and comfort of a business jet and the ability to take off and land vertically like a helicopter. Scion Aviation and Scion UAS has been selected to develop the prototype aircraft's software and flight controls.