AIR INDUSTRIES GROUP [AIRI] - / Tenax Aerospace Acquisition merger
Air Industries Group will issue 126,900,000 shares of common stock to Tenax Aerospace members as part of the merger agreement, following a 1 for 5 reverse stock split.
Why this matters
Air Industries Group, a company specializing in aircraft parts and auxiliary equipment, has entered into an Amended and Restated Agreement and Plan of Merger with Tenax Aerospace Acquisition, LLC. As part of the merger, Air Industries will issue 126,900,000 shares of common stock to Tenax members, which will be adjusted to 25,380,000 shares following a 1 for 5 reverse stock split. This amendment was primarily made to meet the requirements of the NYSE American Stock Exchange to ensure the continued listing of the combined company's shares. The fixed merger consideration and the adjusted share price are set at $3.05 per share, which will be $15.25 after the reverse stock split.