Global Crossing Airlines Group Inc. — fact timeline

Global Crossing Airlines Group Inc. incurred loan of $14,650,000 with volofin Holdings Designated Activity Company at 8.84% per annum maturing March 1, 2031 or day prior to next 12Y-Check.

“and the lenders party thereto (the “ Loan Agreement ”). Pursuant to the Loan Agreement, the Borrowers issued a one-time utilization request to borrow an aggregate amount of $14,650,000 (the “ Loan Amount ”), and on July 11, 2025, pursuant to a promissory note, the Borrowers incurred indebtedness equal to the Loan Amount. The Borrowers shall repay the Loan Amount”

Chris Jamroz was appointed as Executive Chairman at Global Crossing Airlines Group Inc..

“Chris Jamroz has been appointed as Executive Chairman of the Company’s Board of Directors, effective as of February 5, 2024.”

Ryan Goepel was appointed as President at Global Crossing Airlines Group Inc..

“Ryan Goepel has been appointed President of the Company, effective as of February 5, 2024.”

Edward J. Wegel was terminated as Chief Executive Officer and Chairman at Global Crossing Airlines Group Inc..

“Edward J. Wegel was terminated as the Company’s Chief Executive Officer and Chairman of the Board of Directors, effective of February 5, 2024.”

Global Crossing Airlines Group Inc. reported twelve months ended December 31, 2023 results: revenue $160.1 Million, net income ($21) million, EPS $(0.37).

“and $160M for the year. All figures are in United States dollars and prepared in accordance with U.S. GAAP. Annual 2023 Highlights and Financial Results • Annual Revenues of $160.1 Million • EBITDAR (1) of $20 Million, a fourfold increase over 2022 • Block Hours flown more than doubled • Aircraft Utilization jumps 26.3% • Pilot count more than doubles • Fleet size”

Chris Jamroz was appointed as Executive Chairman at Global Crossing Airlines Group Inc..

“Chris Jamroz has been appointed as Executive Chairman of the Board, effective as of February 5, 2024.”

Ryan Goepel was appointed as President at Global Crossing Airlines Group Inc..

“Ryan Goepel has been appointed President of the Company, effective as of February 5, 2024.”

Edward J. Wegel resigned as Chairman and CEO at Global Crossing Airlines Group Inc..

“Mr. Wegel has resigned his duties, rights, and obligations as an officer and Chairman and CEO of the Company, effective February 5, 2024.”

Global Crossing Airlines Group Inc. incurred senior notes of $5 million with Additional Purchasers at 15% per annum.

“On December 21, 2023, the Issuer, GCA and the Guarantors, and certain other Purchasers (the “Additional Purchasers” and together with the Initial Purchasers, the “Purchasers”) entered into a Subscription Agreement for the sale of an additional $5 million of Notes (the “Additional Notes”) and 1,428,736 warrants.”

Global Crossing Airlines Group Inc. incurred senior notes of $35 million with Initial Purchasers at 15% per annum maturing August 2, 2029.

“Pursuant to the terms of the Subscription Agreement, on the Closing Date, the Initial Purchasers purchased (i) of Senior Secured Notes due 2029 (“Notes”) in the aggregate principal amount of $35 million”

Andrew Axelrod was appointed as director at Global Crossing Airlines Group Inc..

“Pursuant to the Subscription Agreement, the board of directors of the Issuer appointed Andrew Axelrod a director of the Issuer on August 3, 2024, effective immediately.”

Global Crossing Airlines Group Inc. updated its for the nine months ended September 30, 2023 guidance (reaffirmed).

“On November 8, 2023, the Company issued a press release announcing its financial results for the nine months ended September 30, 2023. A copy of the press release is attached as Exhibit 99.1.”