The companies have locked in a fixed consideration of 126.9 million shares of Air Industries common stock to be issued to Tenax interest holders. To meet exchange standards, Air Industries will execute a one-for-five reverse stock split prior to the deal's finalization.
In section Market Quotes
Air Industries and Tenax Aerospace Pivot Merger Terms for NYSE Compliance
To secure its standing on the NYSE American Stock Exchange, Air Industries Group has overhauled its merger agreement with Tenax Aerospace Acquisition. The revised terms scrap a previously planned tender offer and introduce a mandatory reverse stock split, signaling a strategic shift to satisfy the exchange's stringent listing requirements.
These adjustments effectively abandon the February agreement's tender offer, which had originally obligated Air Industries to repurchase up to 1 million shares from shareholders of record immediately before the merger closed. By streamlining the deal structure, management aims to ensure the combined entity retains its ticker and market access without interruption.
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