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Global Crossing Airlines Provides an Update on FAA Certification and Special Meeting of Shareholders
Miami, Florida--(Newsfile Corp. - June 11, 2021) - Global Crossing Airlines Group Inc. ( TSXV:...
About this update from Global Crossing Airlines Group, Inc.
[{"type":"text","content":"Global Crossing Airlines Provides an Update on FAA Certification and Special Meeting of ShareholdersMiami, Florida--(Newsfile Corp. - June 11, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the \"Company\" or \"GlobalX\") is pleased to provide an update on the FAA Certification process and the Special Meeting of Shareholders scheduled for June 23, 2021, at 9:00 a.m. (Vancouver time) (the \"Special Meeting\").Certification UpdateThe Company continues to make steady progress on the completion of FAA certification process. The most recent milestone was the commencement of proving run flights on June 8th. These flights are projected to continue for an at least 2 weeks for US Flag carrier as well as supplemental charter certification (subject to FAA oversight and performance). In addition, there has been progress with new contracts (subject to FAA Certification and DOT approval) and airplane acquisitions. GlobalX anticipates delivery of its third aircraft in September and fourth aircraft in October. Both aircraft are currently under LOI and with final inspections expected to be completed soon. Special Meeting UpdateOne of the other certification milestones is confirmation of compliance with U.S. laws and regulations of the United States Department of Transportation (\"DOT\") to ensure that the Company is under the actual control of U.S. citizens. The Company previously announced that it will be holding the Special Meeting to approve 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 Non-Voting Common Stock (the \"Class B Non-Voting Shares\"). All holders of Common Shares who are not U.S. citizens will have their Common Shares exchanged for Class B Non-Voting Shares. Except for the fact that the Class B Non-Voting Shares will be non-voting, in all other respects they will be identical to the Common Shares.Upon completion of the Share Capital Reorganization the Company will have three classes of shares: (i) shares of Common Stock (\"Common Shares\"); (ii) Class A Non-Voting Common Stock (the \"Class A Non-Voting Shares\"); and (iii) the Class B Non-Voting Shares. Subject to the 25% voting limitation for Non-U.S. citizens set forth in the Company's Bylaws, the Class A Non-Voting Shares and Class B Non-Votin...