India, Feb. 14 -- flyExclusive, Inc. (FLYX), Friday announced the decision to acquire the aviation business of Jet.AI Inc. (JTAI), an innovative private aviation and artificial intelligence company, in an all-stock transaction.
Under the deal, Jet.AI's charter business assets will be divested into the SpinCo, which in turn will be acquired by flyExclusive.
The acquisition is expected to provide flyExclusive with additional growth capital and enhanced shareholder liquidity, as well as allow Jet.AI to focus as a pure-play AI solutions company.
The company stated that the consideration will be determined based on Jet.AI's Net Cash multiplied by the Applicable Premium Percentage. Notably, net cash of atleast $12 million is a condition to clo...