Air Industries Amends Tenax Merger Deal to Meet NYSE American Listing Requirements
Air Industries Group (AIRI) said Thursday it amended and restated its merger agreement with Tenax Aerospace Acquisition to address NYSE American listing requirements for the combined company and plans to file an S-4 registration statement to register additional shares to be issued in the merger. The amended agreement sets fixed merger consideration at 126.9 million Air Industries shares, or 25.38 million shares after a planned 1-for-5 reverse stock split. It also fixes the debt-adjusted Air share price at $3.05, or $15.25 after the reverse split. It also requires Air Industries to complete the reverse stock split before the merger closes and eliminates a previously proposed tender offer to repurchase up to 1 million shares. The changes replace the merger agreement signed in February and are intended to help ensure the combined company's continued NYSE American listing following the merger.
Air Industries Group (AIRI) said Thursday it amended and restated its merger agreement with Tenax Aerospace Acquisition to address NYSE American listing requirements for the combined company and plans to file an S-4 registration statement to register additional shares to be issued in the merger.
The amended agreement sets fixed merger consideration at 126.9 million Air Industries shares, or 25.38 million shares after a planned 1-for-5 reverse stock split.
It also fixes the debt-adjusted Air share price at $3.05, or $15.25 after the reverse split.
It also requires Air Industries to complete the reverse stock split before the merger closes and eliminates a previously proposed tender offer to repurchase up to 1 million shares.
The changes replace the merger agreement signed in February and are intended to help ensure the combined company's continued NYSE American listing following the merger.