Business
AerSale Announces Cashless Redemption of Public Warrants
Action streamlines capital structure, eliminating outstanding public warrants AerSale’s election to redeem warrants on a cashless basis limits dilution to
About this update from Aersale Corporation
[{"type":"text","content":"\n\nAction streamlines capital structure, eliminating outstanding public warrants\n\n\nAerSale’s election to redeem warrants on a cashless basis limits dilution to existing shareholders and is simpler and less burdensome to warrant holders\n\n\nCashless redemption reflects AerSale’s strong balance sheet and confidence in its business outlook\n\n\n MIAMI--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (“AerSale” or the “Company”) today announced that the Company has elected to redeem, at 5:00 p.m. Eastern Time on December 29, 2021 (the “Redemption Date”), all of its public warrants (the “Public Warrants”) to purchase shares of AerSale’s common stock (the “Common Stock”) that were issued under the Warrant Agreement, dated as of February 6, 2019 (the “Warrant Agreement”), by and between the Company (f/k/a Monocle Acquisition Corporation), and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), for a redemption price of $0.01 per Public Warrant (the “Redemption Price”). The Public Warrants are listed on Nasdaq under the symbol “ASLEW.”\n\nThe Warrants were originally issued in connection with the Company’s initial public offering in February 2019 (the “IPO”). Warrants to purchase Common Stock that were issued under the Warrant Agreement in a private placement simultaneously with the IPO are not subject to this redemption.\n\nUnder the terms of the Warrant Agreement, AerSale is entitled to redeem all of the outstanding Public Warrants if the last reported sale price of Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which a notice of redemption is given. This share price performance target has been met. At the direction of the Company, the Warrant Agent has delivered a notice of redemption to each of the registered holders of the outstanding Public Warrants.\n\nIn addition, in accordance with the Warrant Agreement, AerSale’s Board of Directors has elected to require that, upon delivery of the notice of redemption, all Public Warrants are to be exercised only on a “cashless basis.” Accordingly, holders may no longer exercise Public Warrants and receive Common Stock in exchange for payment in cash of the $11.50 per warrant exercise price. Instead, a holder exercising a Public Warrant will be...