What Happened
Proposed Merger Sets Stage for Control and Governance Shift
Air Industries Group is seeking stockholder approval for its proposed merger with Tenax Aerospace Acquisition, LLC, which would result in Thomas Foley owning approximately 52% of the combined company. The merger consideration consists of 126,900,000 AIR common shares, adjusted to 25,380,000 shares after the proposed authorized-share amendment and subsequent reverse stock split. Pre-merger AIR stockholders are expected to own approximately 4% of the combined company post-merger. The deal is subject to approval of the stock issuance proposal, authorized shares, and written consent proposals, as reported by Unknown Source.