XTI Aerospace, Inc. — Form 8-K Summary
Reporting date: October 14, 2026. This current report concerns a board appointment and related disclosures; it does not report quarterly or annual operating results.
Board appointment and compensation
- Effective October 14, 2026, XTI appointed Dr. Allan Evans as a Class I director to fill a vacancy, with a term expiring at the 2027 annual meeting, and named him Chairman.
- Jonathan G. Ornstein, previously Interim Chairman, was designated Vice Chairman. Dr. Evans was not appointed to a board committee.
- Under the director compensation policy, Dr. Evans will receive a $50,000 annual cash retainer, paid quarterly in arrears, reimbursement of reasonable expenses, and an annual stock-option grant with Black-Scholes fair value equal to the annual cash retainer. The company expects to enter into a director services agreement and says it will file it later.
Related-party and financial disclosures
- Dr. Evans is CEO and a director of Unusual Machines, Inc. In November 2025, Unusual Machines purchased 25,000 shares of XTI Series 10 Convertible Preferred Stock for $25.0 million. After stockholder approval, the preferred shares converted in January 2026 into 1,721,980 common shares and a pre-funded warrant for 15,307,735 common shares, subject to a 4.99% beneficial ownership limit. XTI reports Unusual Machines beneficially owned approximately 4.99% of XTI’s outstanding common stock as of October 14, 2026.
- Unusual Machines has also purchased drone parts and components from XTI subsidiary Drone Nerds in the ordinary course on terms consistent with those offered to other customers, paying approximately $1.1 million in aggregate since November 10, 2025.
- The filing provides no new revenue, profit, cash flow, margin, debt, or liquidity figures, and no financial outlook or guidance.
Important facts for investors to verify
- Review the director services agreement when filed, including the final compensation and option-grant terms.
- Check subsequent disclosures for changes in Unusual Machines’ preferred-stock conversion securities, beneficial ownership, or transactions with Drone Nerds.
- Consider the governance and potential conflict-of-interest implications of the Chairman’s roles and relationships with Unusual Machines.