Jul. 9 at 9:45 PM
merger.
The amended agreement sets fixed merger consideration at 126.9 million Air Industries shares, or 25.38 million shares after a planned 1-for-5 reverse stock split. It also fixes the debt-adjusted Air share price at
$3.05, or
$15.25 after the reverse split.
It also requires Air Industries to complete the reverse stock split before the merger closes and eliminates a previously proposed tender offer to repurchase up to 1 million shares.
The changes replace the merger agreement signed in February and are intended to help ensure the combined company's continued NYSE American listing following the merger.
$AIRI