Image courtesy of XTI Aircraft Corp
XTI Aircraft Co. will increase the price of its shares from $1 to $1.50. The company said it plans to file necessary paperwork with the U.S. Securities and Exchange Commission for the increase for its crowdfunding program within the next few weeks.
XTI CEO Robert LaBelle said the company still plans this year to fly its first prototype of the six-seat TriFan 600, which has received 60 orders so far. LaBelle said the company is increasing its share prices because of projected "higher sales and revenues for the company than previously estimated."
The TriFan will have the speed, range and comfort of a luxury business aircraft and the ability to take off and land vertically, like a helicopter, according to XTI.
Last month, the company said it was on track to completing the ducts and fans for the 60%-scaled version of a flying prototype for the TriFan.