flyExclusive to acquire Jet.AI aviation business in all-stock transaction

flyExclusive (FLYX) has entered a definitive agreement to acquire the aviation business of Jet.AI (JTAI). flyExclusive will acquire the business in conjunction with Jet.AI’s focus on being a pure-play AI solutions company. The transaction will occur following Jet.AI’s spin of the business into a new company, which would then be acquired by flyExclusive. Jet.AI shareholders will retain their Jet.AI stock and receive new Class A common shares in flyExclusive as part of the transaction. The Business Combination is contingent upon the closing conditions outlined in the agreement. The purchase price shall be determined based on Jet.AI’s Net Cash multiplied by the Applicable Premium Percentage. Net Cash of at least $12 million is a condition to closing the Business Combination and will consist of the Company’s cash on hand subtracting any cash net working capital requirement mutually agreed upon, and transaction costs triggered by the closing of the Business Combination