Haynes Boone represented XTI Aerospace, Inc. [Nasdaq: XTIA], a leading developer of vertical flight technologies, in its acquisition through an indirect subsidiary of all outstanding equity in Drone Nerds, LLC, one of the largest distributors and service providers of drones in the United States. XTI concurrently received a $25 million private placement investment by Unusual Machines, Inc. [NYSE American: UMAC], a manufacturer and seller of drone components.
The transaction, which closed on Nov. 10, 2025, marks a significant step in XTI’s strategy to expand its footprint in unmanned aircraft systems and vertical takeoff and landing capabilities.
The Haynes Boone team was led by Mergers and Acquisitions Partner Martin Florman with key support from M&A Associates Daniel Dubyak and Dustin Leenhouts. The team also included:
- Capital Markets Partners Bruce Newsome and Matt Fry, and Associate Rachel O’Donnell
- Tax Counsel Danielle Marr
- Employee Benefits Partner Susan Wetzel and Counsel Tom Hogan
- Employment Partner Tamara I. Devitt and Associate Jessica Ewert
- Intellectual Property Partner David McCombs
- Insurance Partner Carrie DiCanio
“We are proud to have supported XTI in a transformative transaction that strengthens its position at the forefront of vertical flight and unmanned systems,” Florman said. “This deal reflects XTI’s vision and leadership in redefining the aerospace landscape, and it was a privilege to help navigate the legal complexities alongside their team.”
XTI will integrate Drone Nerds’ enterprise drone solutions and extensive service network into its growing portfolio, helping drive operational synergies and scale. The private placement from Unusual Machines included the issuance of 25,000 shares of newly designated Series 10 Convertible Preferred Stock, priced at $1,000 per share, convertible into XTI common stock following shareholder approval.
Haynes Boone’s M&A Practice Group has comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $50 billion. The firm’s Capital Markets Practice advises on high-value public offerings, including IPOs, PIPEs, reverse mergers and dual listings. The team has led landmark deals across industries, including one of the largest IPOs in London Stock Exchange history and the first Nasdaq-LSE dual listing of this century.
