Global Crossing Airlines Announces Annual Meeting Results

Rhea-AI Summary

Global Crossing Airlines (JETMF) held its 2024 Annual Meeting of Stockholders on November 22, 2024, in Miami. Six out of seven director nominees were successfully elected with majority approval. Paul Martins' election is subject to the Company's Majority Voting Policy. Stockholders approved an amendment to increase the Employee Share Purchase Plan by 3,000,000 shares with 99.49% approval. Additionally, Rosenberg Rich Baker Berman P.A. was appointed as the independent registered public accounting firm for fiscal year 2024 with 99.81% shareholder approval.

Positive

• High shareholder approval (99.49%) for Employee Share Purchase Plan expansion
• Strong support (99.81%) for appointment of new accounting firm
• Six directors received strong majority approval (72-99% range)

Negative

• Director nominee Paul Martins received only 36.76% votes in favor
• Potential dilution from 3,000,000 additional shares in Employee Share Purchase Plan

MIAMI, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, OTCQB: JETMF) (the “Company” or “GlobalX”), the Nation's fastest growing charter airline, today announced that the nominees listed in the proxy statement for the 2024 Annual Meeting of Stockholders were elected as directors of the Company. Detailed results of the vote for the election of directors held at the Annual Meeting of Stockholders on November 22, 2024 in Miami, Florida, are set out below:

Director	Votes For	% Votes For	Votes Withheld	% Votes Withheld
Andrew Axelrod	21,128,655	99.34%	138,909	0.65%
Alan Bird	20,875,993	98.15%	391,571	1.84%
T. Allan McArtor	15,487,675	72.82%	5,779,889	27.17%
Chris Jamroz	15,413,683	72.47%	5,853,881	27.52%
Deborah Robinson	15,483,134	72.80%	5,784,430	27.19%
Cordia Harrington	15,419,634	72.50%	5,847,930	27.49%
Paul Martins	7,818,612	36.76%	13,448,952	63.23%

The election of Mr. Martins is subject to the terms of the Company’s Majority Voting Policy required by the Cboe Canada Exchange.

Stockholders at the Annual Meeting also voted in favor of an amendment to the Company’s Employee Share Purchase Plan to increase the number of shares of common stock reserved for issuance by 3,000,000 shares:

Votes For	% Votes For	Votes Against	% Votes Against
21,161,023	99.49%	106,541	0.50%

Stockholders at the Annual Meeting also voted in favor of appointing Rosenberg Rich Baker Berman P.A. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

Votes For	% Votes For	Votes Against	% Votes Against
27,853,520	99.81%	50,796	0.18%

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company’s services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCO’s for Europe and the UK.

For more information, please contact:

Company Contact

Ryan Goepel, President & CFO
Tel: (720) 330-2829

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Email: JET@elevate-ir.com

Cautionary Note Regarding Forward-Looking Information

This news release contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, the delivery and entry into service timelines for future aircraft and the Company’s growth plans.  

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking statements contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, the impact of the global uncertainty created by COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.

FAQ

What were the voting results for Global Crossing Airlines (JETMF) 2024 Annual Meeting?

Six directors received majority approval (72-99%), while Paul Martins received 36.76% approval. Shareholders approved a 3,000,000 share increase in the Employee Share Purchase Plan with 99.49% approval and appointed Rosenberg Rich Baker Berman P.A. as auditors with 99.81% approval.

How many additional shares were approved for Global Crossing Airlines (JETMF) Employee Share Purchase Plan?

Shareholders approved an increase of 3,000,000 shares to the Employee Share Purchase Plan with 99.49% of votes in favor.

Which director nominee failed to receive majority approval at Global Crossing Airlines (JETMF) 2024 Annual Meeting?

Paul Martins received only 36.76% of votes in favor, failing to secure majority approval. His election is subject to the Company's Majority Voting Policy.