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GlobeNewswire·

Jet.AI Announces Letter of Intent for New Merger and related Spin-Off of Data Center Business

JTAI
  • Jet.AI Inc. (NASDAQ: JTAI) entered a non-binding letter of intent to combine with an undisclosed privately held operating company.
  • The proposed transaction carries an estimated total enterprise value of approximately $320 million.
  • Roughly $20 million of the total value, representing 5-6% of the pro-forma company, is allocated to current Jet.AI shareholders.
  • The deal structure will result in shareholders holding equity in two separate public companies.
  • Jet.AI will merge with the Counterparty and continue trading under the existing "JTAI" ticker.
  • Jet.AI will spin off its data center business & its stake in AIIA Sponsor Ltd. into a new independent public company.
  • Shares of the new spin-off will be distributed to existing shareholders via a Form 10 registration.
  • The NASDAQ has reserved the ticker symbol "DCTR" for the new data center entity.
  • The transaction remains non-binding & is contingent on due diligence, definitive agreement execution, & regulatory approvals.
  • No assurance exists that definitive agreements will be signed or that the transaction will close on described terms.