Jet.AI soars on plan to sell aviation unit to flyExclusive

Jet.Ai

14/02/2025 18:26

** Shares of charter flight firm Jet.AI Inc  JTAI.O  more
than double to $6.31; set to record their largest single-day
percentage gain
    ** JTAI to sell off its aviation business to flyExclusive
 FLYX.A  in an all-stock deal, the companies say
    ** Sale price will be between $12 mln and $22 mln, depending
on JTAI's net cash value at the time of the transaction, and is
expected to close in Q2 2025
    ** JTAI says it will focus on being a pure-play AI solutions
firm after the deal
    ** JTAI shareholders will retain their existing shares and
receive new shares in FLYX as part of the deal
    ** More than ~86 mln shares traded, 597 times their 25-day
moving average
    ** JTAI fell 98.6% in 2024

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))