12:47 PM EDT, 03/11/2024 (MT Newswires) -- Inpixon ( INPX ) said Monday its merger with XTI Aircraft is expected to be completed Tuesday after market close.

The company will operate under the name XTI Aerospace after the transaction closes.

Inpixon ( INPX ) said that before completing the deal, it will implement a 1-for-100 reverse stock split to satisfy certain Nasdaq listing requirements.

The split is set to take effect on Wednesday with the combined company trading under the XTIA ticker.

Inpixon ( INPX ) said that concurrent with the closing, an entity controlled by Chief Executive Officer Nadir Ali will invest $1.5 million in equity financing.

XTI Aerospace will focus on advancing development of the TriFan 600, its vertical lift crossover airplane, as well as continuing to offer the company's real-time location systems technology to manufacturing and warehousing facilities.

Shares of the company rose 38% in recent Monday trading.

Price: 0.07, Change: +0.02, Percent Change: +37.81