FlyExclusive To Buy Jet.AI Aviation Business In All-Stock Transaction

(RTTNews) - 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 close the transaction, which includes the company's existing cash, subtracting any cash net working capital requirement mutually agreed upon, and transaction costs related to the transaction.

Upon closing of the deal, Jet.AI shareholders will retain their Jet.AI stock while receiving new Class A common shares in flyExclusive.

The transaction is expected to close in the second quarter of 2025.

Currently, flyExclusive's stock is trading at $3.65, up 8.96 percent on the New York Stock Exchange American.