flyExclusive to Acquire Aviation Business of Jet.AI Inc.; Jet.AI to Become Pure-Play Artificial Intelligence Company
flyExclusive has entered a definitive agreement to acquire the aviation business of private aviation and artificial intelligence company Jet.AI Inc.
(Kinston, North Carolina & Las Vegas, Nevada) flyExclusive Inc. (NYSE American: FLYX) has entered a definitive agreement to acquire the aviation business of private aviation and artificial intelligence (AI) company Jet.AI Inc. (NASDAQ: JTAI).
Photo courtesy of flyExclusive.
** Update: As of 10.48am EST, shares of flyexclusive, FLYX, are trading up 6.57% at $3.57; shares of Jet.AI, JTAI, are up 138.76 at $6.16.
[After rising more than 30% pre-market, shares of FLYX are now trading down (13.13%) at $2.91, while shares of JTAI are up 113.57% at $5.51 as of the time of publication of this article at 9.51 a.m. EST.]
Per today’s press release from flyExclusive , flyExclusive will acquire the business in conjunction with Jet.AI’s focus on being a pure-play AI solutions company. The transaction will occur following Jet.AI’s spin of the business into a new company (“SpinCo”), which would then be acquired by flyExclusive (collectively, the “Business Combination”); Jet.AI shareholders will retain their Jet.AI stock and receive new Class A common shares in flyExclusive as part of the transaction.
Both flyExclusive and Jet.AI operate planes from Textron Aviation and HondaJet, and the acquired assets will help support flyExclusive’s 2025 growth plans, according to today’s release.
flyExclusive’s Founder and Chief Executive Officer, Jim Segrave noted “The proposed transaction with Jet.AI is the latest example of the value flyExclusive’s vertically integrated private aviation platform provides to industry participants. The transaction benefits flyExclusive investors and will augment our continued growth and market share expansion as an industry leader. Additional growth capital and new shareholders provide an early tailwind in 2025 as we onboard additional high-performance aircraft and serve strong demand for our differentiated customer service.’
"This Business Combination with flyExclusive offers our shareholders the opportunity to benefit from growth in both private aviation and AI," said Jet.AI Founder and Executive Chairman Mike Winston. "flyExclusive, the fifth-largest operator in the industry by hours flown, is a natural fit, with clear synergies given the common aircraft we operate.”
** Not investment advice; The FLY Report is not a registered investment advisor.
