Global Crossing Airlines Provides Update on Share Capital Reorganization
Miami, Florida--(Newsfile Corp. - June 30, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to provide an update on its share capital reorganization (the "Share Capital Reorganization") previously announced on May 21, 2021 and June 11, 2021. The Share Capital Reorganization received approval from the Company's shareholders at a Special Meeting held on June 23, 2021.
In order to complete the Share Capital Reorganization, the Company's shareholders will be required to complete a declaration regarding whether they are a United States citizen or not. Beneficial shareholders must complete the declaration process through their broker, bank or other intermediary within the Canadian Depository for Securities in Canada and the Depository Trust Company in the United States. The declaration process will run from July 5 to July 9, 2021. If a shareholder does not complete a declaration, they shall be deemed to not be a United States citizen. After the completion of the declaration process, the Company's shareholders shall receive shares of the Company as follows:
- Shareholders who are United States citizens shall receive one new share of common stock ("New Common Share") for every existing share of common stock ("Old Common Share") they hold. The New Common Share shall be identical in all respects to the Old Common Share except it will have a new ISIN (US37960G4010).
- Shareholders who are not United States citizens shall receive one share of Class B Non-Voting Common Stock ("Class B Non-Voting Share") for every Old Common Share they hold. The Class B Non-Voting Share shall be identical in all respects to the Old Common Share except it will be non-voting and have a new ISIN (US37960G3020).
Registered shareholders are not required to make a declaration. Registered shareholders will receive New Common Shares or Class B Non-Voting Shares based on their address of record on the effective date of the Share Capital Reorganization.
The effective date of the Share Capital Reorganization will be on or about July 12, 2021. The New Common Shares shall continue to trade on the TSX Venture Exchange (Ticker: JET) and OTCQB (Ticker: JETMF). The Class B Non-Voting Shares will also trade on the TSX Venture Exchange. Further details on trading will be provided in a subsequent news release.
For further details, please refer to a copy of the Notice of Meeting, Information Circular, Proxy and Voting Instruction form (collectively, the "Meeting Materials") that are available on the Company's SEDAR profile at www.sedar.com.
About Global Crossing Airlines Group
GlobalX is a US 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets. For more information please visit www.globalxair.com.
For more information, please contact:
EVP and CFO
Global Crossing Airlines
786- 751-8503 (O)
The Howard Group Inc.
Toll Free: 1-888-221-0915
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, the Company's intention to fly as an ACMI and wet lease charter airline, the destinations of its intended charter flights, the timeline to commencement of its charter flights, the completion of the FAA certification process and the completion of the Share Capital Reorganization.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or " or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to commence airline operations, the accuracy, reliability and success of GlobalX's business model; the timely receipt of governmental approvals; GlobalX concluding a definitive agreement for the Aircraft; the timely commencement of operations by GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the impact of competition and the competitive response to GlobalX's business strategy; and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the failure of the Company to conclude a definitive agreement to acquire the Aircraft, the impact of the global uncertainty created by COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, the ability of management to implement GlobalX's operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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