MergerJun 12, 2026, 04:37 PM
Air Industries Amends Merger Terms Due to $1.97M Advance
AI Summary
Air Industries Group amended its Agreement and Plan of Merger with Tenax Aerospace Acquisition, LLC, on June 8, 2026. The amendment modifies the definition of "AIR Net Indebtedness" to mitigate the impact of a $1,971,070 prepayment received by its subsidiary, Air Industries Machining Corp. This prepayment, received on June 2, 2026, is for product manufacturing and delivery, is non-interest bearing, and is repayable by November 30, 2026, with the customer having set-off rights.
Key Highlights
- Air Industries Group amended its merger agreement with Tenax Aerospace Acquisition, LLC.
- The amendment redefines "AIR Net Indebtedness" in the merger agreement.
- Purpose is to mitigate the impact of a $1,971,070 advance on share issuance to Tenax members.
- Subsidiary Air Industries Machining Corp. received a $1,971,070 prepayment (Advance).
- The Advance is for product manufacturing and delivery to a customer.
- The Advance is non-interest bearing and repayable by November 30, 2026.
- The customer has the right to set off Advance amounts against product delivery payments.
Price Impact
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