Miami, Florida--(Newsfile Corp. - June 18, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce the receipt of the Final Order from the Supreme Court of British Columbia (the "Interim Order") in connection with their previously announced plan of arrangement (the "Arrangement") pursuant to which GlobalX will spin-out the shares of its wholly-owned subsidiary Canada Jetlines Operations Ltd. ("Jetlines") to its shareholders.
Each shareholder of GlobalX, as of the record date for the Arrangement ("Record Date"), will receive one share of Jetlines for every two shares of GlobalX held on the Record Date. The dividend is payable on both GlobalX's Common Stock and Class A Common Stock. After distribution GlobalX will retain 25% of Jetlines shares, with 75% held by GlobalX shareholders as of the Record Date. GlobalX previously announced that the Record Date will be Thursday, June 24, 2021. The effective date of the Arrangement is expected to be June 28, 2021, with Jetlines shares distributed to GlobalX's shareholders on or about July 2, 2021.
The Jetlines shares will be distributed to GlobalX's shareholders by way of dividend. GlobalX's shares will commence trading on an ex-dividend basis on the TSX Venture Exchange at the open of trading on June 23, 2021. This means that in order to be entitled to receive a dividend of shares of Jetlines, a shareholder must be a holder or GlobalX shares as of June 22, 2021. No additional action is required by shareholders in order to receive Jetlines shares and GlobalX stockholders will retain any certificates or direct registration statements representing their GlobalX shares.
On the closing of the Arrangement, Jetlines and GlobalX will be operated as separate companies with separate management teams and Boards of Directors. For further details on the Arrangement and the business of Jetlines following the Arrangement, please refer to the Information Notice that is available on SEDAR at www.sedar.com.