Shares fall 7.6% as XTI review delays Q2 SEC filing
XTI Aerospace announced Tuesday that Scott Pomeroy has resigned as chairman and chief executive amid an internal review of executive and related corporate-governance matters. A committee of independent board members is working to complete the review, the company said.
The review will delay the timely filing of XTI’s second-quarter report with the Securities and Exchange Commission. XTI did not disclose any specifics of the review, but said it does not believe that the matters involved will affect any of its previously issued financial statements.
Shares of XTI were down 7.6% to $1.45 in premarket trading on Tuesday following the announcement.
Under the separation agreement, XTI will pay Pomeroy $200,000 and provide for the immediate vesting of options to buy 2 million shares. The agreement includes a mutual release of claims, with a carve-out for any claims of unlawful conduct or behavior discovered as a result of the review.
Pomeroy had served as chairman and CEO of XTI since March 2024, when the company went public through a reverse merger with Inpixon. XTI late last year acquired drone distributor Drone Nerds in a $40 million deal and received a $25 million investment from drone components maker Unusual Machines, whose advisory board includes Donald Trump Jr.
Jeremy Schneiderman, CEO of XTI’s Drone Nerds unit, has stepped in as interim CEO of the company. Jonathan Ornstein, who joined the board in February, will serve as interim chairman.