Jet.AI signs LOI for $300 million reverse takeover, sees $10 per share payout to shareholders
JTAI•Ticker and spin-off plans
The combined company would initially trade under the JTAI ticker, with a potential later ticker change.
The deal contemplates a spin-off of Jet.AI’s data center joint venture and its AIIA stake into a new public company with DCTR reserved.
Reverse takeover LOI and valuation
Jet.AI entered a non-binding LOI for a reverse takeover with a private operating company valued at about $300 million.
The combined business is expected to be valued at about $320 million, with Jet.AI shareholders slated to receive about $20 million in cash and stock.
Consideration equates to about $10 per share, separate from the earlier flyExclusive transaction that delivered about $4.6 per share.
