** Shares of charter flight firm Jet.AI Inc JTAI.O more than double to $6.31; set to record their largest single-day percentage gain
** JTAI to sell off its aviation business to flyExclusive FLYX.A in an all-stock deal, the companies say
** Sale price will be between $12 mln and $22 mln, depending on JTAI's net cash value at the time of the transaction, and is expected to close in Q2 2025
** JTAI says it will focus on being a pure-play AI solutions firm after the deal
** JTAI shareholders will retain their existing shares and receive new shares in FLYX as part of the deal
** More than ~86 mln shares traded, 597 times their 25-day moving average
** JTAI fell 98.6% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.