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LAS VEGAS - Jet.AI (NASDAQ:JTAI), currently valued at $9 million in market capitalization, and flyExclusive (NYSE American:FLYX) announced Tuesday they have mutually agreed to extend the outside closing date for their planned merger to December 31, 2025. According to InvestingPro data, Jet.AI’s stock has declined 88% over the past year, though the company maintains a healthy current ratio of 2.97x.
The companies cited the recent U.S. government shutdown as temporarily halting the Securities and Exchange Commission’s review of their merger proxy, along with other similar transactions.
Despite the delay, both companies stated they continue to make "substantial progress" toward fulfilling closing conditions and remain "enthusiastically committed" to completing the deal.
Jet.AI, which currently operates in software and aviation segments, is transitioning to become a pure-play AI data center company. The Las Vegas-based firm plans to build scalable infrastructure supporting computational demands of artificial intelligence.
flyExclusive provides premium jet charter services and is publicly traded on the NYSE American exchange.
The announcement comes as both companies work to finalize the transaction that was previously expected to close earlier. Neither company provided specific details about remaining conditions that need to be met before completing the merger.
The information is based on a press release statement issued by the companies.
In other recent news, AI Infrastructure Acquisition Corp. has successfully closed its upsized initial public offering, raising $138 million by selling 13.8 million units at $10 each on the New York Stock Exchange. This development follows the company’s earlier announcement of pricing its initial public offering at $120 million, with the sale of 12 million units. Each unit consists of one Class A ordinary share and one right, entitling holders to receive one-fifth of a Class A ordinary share upon the completion of an initial business combination. In a related development, Jet.AI Inc. has contributed capital to AIIA Sponsor Ltd., the sponsor of AI Infrastructure Acquisition Corp. The SPAC is targeting transaction opportunities with private technology companies that focus on artificial intelligence and machine learning, as well as data center infrastructure. These recent developments highlight AI Infrastructure Acquisition Corp.’s strategic moves in the evolving AI sector.
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