M&A
confidence high
sentiment positive
materiality 0.95
Air Industries amends merger with Tenax; fixed share consideration, reverse split, eliminates tender offer
AIR INDUSTRIES GROUP
- Fixed Merger Consideration: 126.9M shares (25.38M post-split) to Tenax members; Debt Adjusted AIR Share Price set at $3.05 ($15.25 post-split).
- Requires 1-for-5 reverse stock split before closing; authorized shares reduced proportionally from 200M to 40M post-split.
- Eliminates post-closing tender offer for up to 1M shares at Debt Adjusted AIR Share Price.
- Tenax members will own ~96% of outstanding AIRI common stock post-merger; existing stockholders ~4%.
- Closing subject to stockholder approval of charter amendment (increase authorized to 200M) and stock issuance; HSR waiting period expired.