MIAMI, FL., May 25, 2021 – Global Crossing Airlines Group Inc. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “GlobalX”) is pleased to announce the receipt of an Interim 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. Having obtained the Interim Order, GlobalX has posted an Information Notice on SEDAR at www.sedar.com that contains all of the details regarding the Arrangement.
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. After distribution GlobalX will retain 25% of Jetlines shares, with 75% held by GlobalX shareholders as of the Record Date. GlobalX has determined that, subject to receipt of final approval from the Supreme Court of British Columbia the Record Date will be Thursday, June 24, 2021.
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.