Global Crossing Airlines Provides Update on Share Capital Reorganization

Editor -

Miami, Florida--(Newsfile Corp. - June 30, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to provide an update on its share capital reorganization (the "Share Capital Reorganization") previously announced on May 21, 2021 and June 11, 2021. The Share Capital Reorganization received approval from the Company's shareholders at a Special Meeting held on June 23, 2021.

In order to complete the Share Capital Reorganization, the Company's shareholders will be required to complete a declaration regarding whether they are a United States citizen or not. Beneficial shareholders must complete the declaration process through their broker, bank or other intermediary within the Canadian Depository for Securities in Canada and the Depository Trust Company in the United States. The declaration process will run from July 5 to July 9, 2021. If a shareholder does not complete a declaration, they shall be deemed to not be a United States citizen. After the completion of the declaration process, the Company's shareholders shall receive shares of the Company as follows:

  1. Shareholders who are United States citizens shall receive one new share of common stock ("New Common Share") for every existing share of common stock ("Old Common Share") they hold. The New Common Share shall be identical in all respects to the Old Common Share except it will have a new ISIN (US37960G4010).
  1. Shareholders who are not United States citizens shall receive one share of Class B Non-Voting Common Stock ("Class B Non-Voting Share") for every Old Common Share they hold. The Class B Non-Voting Share shall be identical in all respects to the Old Common Share except it will be non-voting and have a new ISIN (US37960G3020).

Registered shareholders are not required to make a declaration. Registered shareholders will receive New Common Shares or Class B Non-Voting Shares based on their address of record on the effective date of the Share Capital Reorganization.

The effective date of the Share Capital Reorganization will be on or about July 12, 2021. The New Common Shares shall continue to trade on the TSX Venture Exchange (Ticker: JET) and OTCQB (Ticker: JETMF). The Class B Non-Voting Shares will also trade on the TSX Venture Exchange. Further details on trading will be provided in a subsequent news release.

For further details, please refer to a copy of the Notice of Meeting, Information Circular, Proxy and Voting Instruction form (collectively, the "Meeting Materials") that are available on the Company's SEDAR profile at www.sedar.com.

About Global Crossing Airlines Group

GlobalX is a US 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets. For more information please visit www.globalxair.com.