MergerJul 9, 2026, 04:51 PM
Air Industries, Tenax Amend Merger Terms, Set Reverse Split
AI Summary
Air Industries Group (AIR) and Tenax Aerospace Acquisition, LLC (Tenax) have entered into an Amended and Restated Agreement and Plan of Merger on July 2, 2026, superseding their previous agreement. The revised terms include the issuance of 126,900,000 shares of AIR Common Stock to Tenax Members, a 1-for-5 reverse stock split, and the elimination of a post-closing tender offer. These amendments were primarily made to satisfy NYSE American Stock Exchange listing requirements and provide greater certainty for the merger's completion.
Key Highlights
- Air Industries Group (AIR) and Tenax Aerospace Acquisition, LLC (Tenax) entered an Amended and Restated Agreement and Plan of Merger on July 2, 2026.
- AIR will issue 126,900,000 shares of AIR Common Stock (25,380,000 shares after reverse split) to Tenax Members.
- The Debt Adjusted AIR Share Price is set at $3.05 ($15.25 after 1-for-5 reverse stock split).
- Tenax Members will collectively own approximately 96% of outstanding AIR Common Stock post-merger.
- The amended agreement eliminates the post-closing tender offer contemplated by the original agreement.
- The changes address NYSE American Stock Exchange requirements to ensure continued listing of the combined company.
Price Impact
More from AIRI