01:33 PM EDT, 04/03/2024 (MT Newswires) -- XTI Aerospace ( XTIA ) shares were up 23% in recent Wednesday trading despite the company's failure to file its annual report for the year ended Dec. 31, 2023 on time.

In a filing with the US Securities and Exchange Commission late Tuesday, the company said its auditors needed additional time to review its consolidated financial statements in light of its acquisition of XTI Aircraft and the execution of a 1-for-100 reverse stock split of its outstanding shares.

The company said it expects to file the Form 10-K within the extension period of 15 calendar rules under the SEC's rules.

Price: 4.32, Change: +0.82, Percent Change: +23.43