Air Industries Group received Tenax letter claiming merger agreement breach
AIRI•Air Industries Group said it received a Nov. 7 letter from Tenax claiming a breach of the merger agreement. The company denied the claims, said a loan amendment fee was not material, and said subordinated note holders would receive no consideration if the merger closes by Nov. 30, 2026.
1. Tenax letter and amendments
Air Industries Group said it received a Nov. 7 letter from Tenax claiming a breach of the merger agreement. Tenax does not consent to amendments to subordinated notes or the loan agreement, while Air Industries Group denies Tenax’s claims and says the loan amendment fee is not material. Subordinated note holders are to receive no consideration if the merger closes by Nov. 30, 2026.
