Duffy failed. It was always going to cost $500M or more to develop the TriFan 600 when Duffy initially stated Xeriant would vet the financing to merge sith XTI Aircraft and get listed on a major exchange.
You're now fabricating a soft-ball reason, as if legitimate, for why Duffy skipped his/Xeriant's obligations to get the initial $100M financing, merge with XTI Aircraf, and get an initial listing on a major exchange.
Remember all your over-and-over pumping about "legacy aerospace companies"? Flip-flopping bullshitter!
The above in response to SmartyPants2's BS claim: "So it's understandable XERI would decide it made more sense to help XTI get onto NASDAQ with some other partner."
___________________
XTI Aircraft Annual Report says:
"Separately, in 2022, Xeriant informed XTI that it had identified and would make an introduction to a potential business combination target. In return, the letter stated that Xeriant would have received specified financial consideration provided such combination was consummated within one year of the date of the letter. The letter expired by its terms on May 17, 2023."
"On June 5, 2023 the Company received a demand letter (the “Demand Letter”) from Xeriant Inc. claiming that the Company breached its obligations under a letter dated May 17, 2022 (the "May 17 letter”) arising from Xeriant’s introducing the Company to a Nasdaq- listed company (the “Acquirer”) as a potential acquirer of the Company. The Company believes it has no obligation to Xeriant under the May 17, 2022 letter and intends to vigorously defend any litigation if filed."
The Eco-Aero JV Agreement states:
"4.3?????????? Contributions of Xeriant. In consideration of the JV interests granted to Xeriant, Xeriant shall contribute or provide the following:
4.3.1.????????A total of $10 million (the “Intended Contribution”), consisting of the initial sum of $1,000,000 to be funded immediately upon the execution of this agreement, including the Exhibits;
4.3.2.????????Additional capital of $9,000,000 advanced monthly, in advance, as and when required in accordance with the Budget attached hereto as Exhibit D;
4.3.3.????????Xeriant will sign a Cross Patent License Agreement in the form attached hereto as Exhibit E, granting the JV a non-exclusive, worldwide, non-assignable, royalty-free, fully paid up license for the duration of the Term to use, utilize and otherwise exploit such of Xeriant’s technology, intellectual property, know-how and patents as specified therein in connection with the preliminary design of the Aircraft and for all purposes to carry out the objectives of this Agreement;
4.3.4 -- Access to Xeriant’s advisors, corporate contacts, and consultants from various global aerospace companies and agencies, government and defense agencies, laboratories, and university academia, to increase access to potential strategic partners, manufacturers, licensees, grants, and collaborative research;
4.3.5 -- Introductions to manufacturing and prototyping companies;
4.3.6 -- Introductions to a brand-name strategic partner or strategic investor for XTI (e.g., airline, ride sharing company, automobile manufacturer, aircraft manufacturer); and
4.3.7 -- Introductions to potential purchasers of the VTOL."
All these 'extra' Xeriant introductions for XTI Aircraft for the same up to $10 Million to XTI Aircraft for pro-rata share of XTI Aircraft Company fully diluted common stock.
Duffy just makes bullshit claims to everyone,, and flip-flops to try and get what doesn't go his way.
Just like SmartyPants2, Duffy's WOOD bro!.
.
News 
Market Data 
Discover 
AI
