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Global Crossing Airlines Announces Special Meeting of Shareholders
Miami, Florida--(Newsfile Corp. - May 21, 2021) - Global Crossing Airlines Group Inc. ( TSXV: ...
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"Global Crossing Airlines Announces Special Meeting of ShareholdersMiami, Florida--(Newsfile Corp. - May 21, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the \"Company\" or \"GlobalX\") has scheduled a Special Meeting of shareholders (the \"Meeting\") to approve a Share Capital Reorganization, which is required in order for GlobalX to comply with DOT citizenship requirements. Under U.S. laws and the regulations of the United States Department of Transportation (\"DOT\"), the Company must be under the actual control of U.S. citizens at all times. By law, the Company's president/CEO and at least two-thirds of the Company's board of directors and other managing officers must be U.S. citizens and not more than 25 percent of the Company's voting stock may be owned or controlled by non-U.S. citizens (although consistent with DOT policy, the Company's overall foreign economic ownership may be as high as 49 percent). In order to ensure compliance with DOT requirements to complete one of the final steps in the certification process, the Company is proposing a reorganization of its share capital (the \"Share Capital Reorganization\"). A new class of non-voting shares will be created designated as the Class B Common Stock (the \"Class B Shares\"). Except for the fact that the Class B Shares will be non-voting, in all other respects they will be identical to the Common Shares. All holders of Common Shares who are not U.S. citizens will have their Common Shares exchanged for Class B Shares. In addition, an amendment will be made to the Company's Bylaws to change the percentage of the Company's outstanding stock that may be owned (beneficially or of record) by persons who are not U.S. citizens from 49.9% to 49.0%.The Share Capital Reorganization is subject to the approval of the Company's shareholders and regulatory approvals, including the approval of the TSX Venture Exchange. The Meeting is scheduled for June 23, 2021 at 9:00 a.m. (PDT). On the mailing date, a copy of the Notice of Meeting, Information Circular, Proxy and Voting Instruction form (collectively, the \"Meeting Materials\") will be available on the Company's SEDAR profile at www.sedar.com. Shareholders should consult the Meeting Materials for further details regarding the Share Capital Reorganization. The Company will provide further details ...