Miami, Florida-- April 29, 2021 - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce that it has closed its previously announced US$10 million equity offering (the "Offering") from Ascent Global Logistics, Inc. ("Ascent"). Ascent is a leading logistics, transportation and supply chain solutions provider. Ascent-On-Demand operates the largest domestic expedited air charter operation in North America, as well as USA Jet and Rambler Air, airlines in the US with more than 30 aircraft in total.

Pursuant to the Offering, Ascent purchased 2,000,000 units (each a "Unit") at a price of US$1.29 per Unit for gross proceeds of US$2,580,000. Each Unit is comprised of one share of Common Stock (each, a "Share") and one purchase warrant of the Company (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share of the Company (each, a "Warrant Share") at a price of US$1.50 per Warrant Share until April 29, 2026. Ascent also purchased 5,537,313 Units at a price of US$1.34 per Unit for gross proceeds of US$7,419,999.42. Each Unit is comprised of one share of non-voting Class A Common Stock ("Class A Shares") and one Warrant. Each Warrant will entitle the holder thereof to acquire one Share, and with other terms and conditions identical to the Warrant described above.

The Class A Shares are convertible into Shares on a one-for-one basis upon written notice to the Company; provided, however, that the Class A Shares may not be converted to the extent that, after giving effect to such conversion, the holder thereof, or any of its affiliates, collectively, would beneficially own in excess of 4.99% in the aggregate of the issued and outstanding Shares after such conversion.

The Company intends to use the proceeds of the Offering to complete the FAA certification process, accelerate its growth plans with the planned acquisition of additional A320 family aircraft, to prepare for cargo charter operations later in 2021 and for general corporate and working capital purposes.

In connection with the Offering, the Company has appointed, as a nominee of Ascent, David G. Ross to its Board of Directors. David serves as Chief Strategy Officer at Ascent and was previously the Head of Transportation and Logistics Equity Research at Stifel Nicolaus.
No finder's fees were paid in connection with the Offering. The securities issued in the Offering are subject to a TSX Venture Exchange hold period that expires on August 30, 2021.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.