Jet.AI Completes flyExclusive Merger; Plans New RTO & Spin-off
Jet.AI Inc. has completed the merger of its fractional and jet card business (SpinCo) with flyExclusive, Inc. Jet.AI stockholders received 5,676,892 shares of flyExclusive Class A common stock, valued at approximately $9.05 million, with additional reserve shares pending final purchase price determination. Concurrently, Jet.AI announced a non-binding letter of intent for a reverse takeover with a private operating company, valued at $300 million, and plans to spin off its data center joint venture and AI Infrastructure Acquisition Corp. interest into a new public company. These actions aim to transition Jet.AI into a pure-play AI infrastructure provider, with shareholders expected to realize significant cumulative value.
Key Highlights
- Jet.AI completed merger of its fractional and jet card business (SpinCo) with flyExclusive.
- Jet.AI stockholders received 5,676,892 flyExclusive shares, valued at approximately $9.05 million.
- An additional 1,419,223 flyExclusive Reserve Shares are pending final purchase price determination.
- Jet.AI announced a non-binding LOI for a reverse takeover with a private company, valued at $300 million.
- Jet.AI shareholders are expected to receive approximately $10 per share additional value from the RTO.
- Company plans to spin off its data center joint venture and AIIA interest into a new public company.
- The spin-off entity is anticipated to trade under the NASDAQ ticker "DCTR".
- The flyExclusive transaction delivered approximately $4.60 per share value to Jet.AI shareholders.
Price Impact
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