XTI Aerospace, Inc. (NASDAQ:XTIA) shares are trading higher Wednesday after the company announced it appointed former Paramount Group CEO Stephen Griessel to its advisory board.

What To Know: The company said Griessel brings more than four decades of leadership experience across defense, aerospace and investment sectors. He currently leads Copperstone Capital Partners and previously served as Group CEO of Paramount, a global defense OEM with operations in over 25 countries.

XTI said the appointment comes as it moves to expand its footprint in both commercial and defense markets for vertical takeoff and landing (VTOL) aircraft.

"Steve's proven ability to transform defense enterprises into globally scaled OEMs will directly accelerate XTI's push into mission-critical markets," said Scott Pomeroy, CEO and Chairman of XTI.

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XTI Price Action: At the time of writing, XTI shares are trading 79% higher at $5.46, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.