BUZZ-Jet.AI soars on plan to sell aviation unit to flyExclusive
ReutersFeb 14, 2025 6:26 PM
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
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