Fly Blade (India) Private Limited (“BLADE India”), a joint venture
between Hunch Ventures and Blade Air Mobility, Inc., and Jaunt Air
Mobility LLC (“Jaunt”), a subsidiary of AIRO Group Holdings, Inc.
(“AIRO”), announced today they have signed a memorandum of
understanding (“MOU”) aimed at launching electric vertical take-off
and landing (eVTOL) aircraft operations in India and the
subcontinent region by 2027. The MOU includes BLADE India’s
intended acquisition of 150 Jaunt Journey aircraft, with an option
to order another 100 aircraft to meet the projected demand over the
next decade.
As the 3rd largest aviation market in the world,
India is undergoing a major transformation with a growing need for
seamless and faster connectivity to connect passengers in urban
areas. BLADE India is a leader in this effort, having established
short haul mobility services in cities nationwide. Jaunt, a global
aerospace company, has pioneered the all-electric Jaunt Journey, an
aircraft that combines helicopter and fixed-wing flight
capabilities, highlighting safety, low noise, and operational
efficiencies. Jaunt is pursuing a Transport Category certification
for its aircraft, equivalent to that of commercial airliners.
The companies expect to collaborate in specific
areas that are critical to support future short-haul mobility
operations. Their plans include, in particular, BLADE India working
with Jaunt and its partners to explore development of key
infrastructure capabilities in aircraft charging and energy
distribution technologies. In turn, Jaunt intends to use BLADE
India’s existing short haul operational and customer experience to
support the development of the Jaunt Journey aircraft and its
integration into the Indian airspace.
Speaking on the strategic partnership, Amit
Dutta, Managing Director, BLADE India said, “With its vast expanse
and increasing congestion, India is one of the biggest markets in
the world for AAM solutions. With BLADE’s first mover advantage in
nurturing the Urban Air Mobility ecosystem in India and Jaunt’s
technical expertise, this partnership is well poised to pioneer the
transition to electric and revolutionize the transportation
system.”
"We are thrilled to partner with an exceptional
BLADE India team to pursue the launch of a new form of urban air
travel in India and the subcontinent region," said Simon Briceno,
Chief Commercial Officer for Jaunt. "Our collaboration with BLADE
India and our clear path towards aircraft certification means that
the Indian public will soon be able to benefit from the development
of a new safe, affordable, and accessible mode of
transportation."
“Jaunt’s MOU with BLADE India demonstrates
AIRO’s commitment to bringing innovative air mobility solutions to
the people of India,” stated Dr. Chirinjeev Kathuria, Chairman and
co-founder of AIRO.
Suren Ajjarapu, Chairman and CEO of Kernel Group
Holdings, Inc., states, “The news of the MOU between BLADE India
and AIRO’s Electric Air Mobility division provides a roadmap for
integrating eVTOLs into the global transportation market.”
###
About BLADE
India
BLADE India began in 2019 and offers
cost-effective air transportation alternatives to some of the most
congested ground routes in India with flights from Mumbai, Shirdi,
Pune, and Bangalore. Hunch ventures is a privately held investment
firm based out of New Delhi, India and has invested in a range of
sectors including education, healthcare, immersive media,
hospitality, food & beverage, logistics and others that may
hold distinctive synergies with each other. For more information,
visit https://flyblade.in/p/about.
Background
Kernel Group Holdings, Inc. (NASDAQ: KRNLU)
(“Kernel”), a special purpose acquisition company (SPAC) formed for
the purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, or similar business combination with
one or more businesses, has entered into a definitive business
combination agreement (the “Merger Agreement”) with AIRO Group
Holdings, Inc. (“AIRO”), a multi-faceted air mobility, autonomy
& aerospace platform with differentiated technologies and
capabilities that dynamically address high growth market trends
across the entire aviation & aerospace ecosystem. The Merger
Agreement provides AIRO with a path to becoming a publicly listed
company through a new Delaware holding company, AIRO Group, Inc.
(“PubCo”) that will acquire both Kernel and AIRO (the
“Transaction”).
About Kernel (KRNLU)
Kernel is a special purpose acquisition company
formed for the purpose of effecting a merger, stock purchase or
similar business combination with a business in the Commerce
Enablement, Logistics Technologies, Marketplaces and Services
space. The team is composed of seasoned executives with a unique
combination of experiences in wholesale and retail, logistics,
distribution, technology development and transformation. To
learn more, visit: www.kernelspac.com
About AIRO
AIRO is a privately-held
mid-market aerospace and defense company with offices in the US,
Canada and the EU, providing innovative, industry-leading products
and services via its four synergistic divisions: Advanced Avionics,
Electric Air Mobility, Uncrewed Air Systems, and Training. To learn
more, visit: www.theairogroup.com
AIRO’s Electric Air Mobility Division is led by
Jaunt Air Mobility. Jaunt Air Mobility is a transformative
aerospace company headquartered in Dallas, Texas, with design and
manufacturing located in Montreal, Canada. Jaunt is building
the next generation of eVTOL (electric Vertical Takeoff and
Landing) and hybrid-electric VTOL aircraft for faster, quieter, and
safer travel over urban areas, moving people and cargo. Jaunt is
the global leader in developing Slowed Rotor Compound (SRC)
technology. Jaunt has teamed with Tier 1 aerospace partners to
develop the Journey aircraft and work with global operators to
provide this new form of travel. Jaunt offers an operationally
efficient aircraft with a zero-carbon footprint. Jaunt is a
recognized global brand of AIRO. To learn more, visit:
www.jauntairmobility.com
No Offer or Solicitation
This press release is not a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed Transaction and will not constitute an
offer to sell or the solicitation of an offer to buy any
securities, nor will there be any sale of securities in any states
or jurisdictions in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains certain statements
that are not historical facts and are forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed Transaction between PubCo, Kernel and AIRO, including
without limitation statements regarding the anticipated benefits of
the proposed Transaction, the anticipated timing of the proposed
Transaction, the implied enterprise value, future financial
condition and performance of AIRO and the combined company after
the closing and expected financial impacts of the proposed
Transaction, the satisfaction of closing conditions to the proposed
Transaction, the level of redemptions of Kernel's public
stockholders and the products and markets and expected future
performance and market opportunities of AIRO. These forward-looking
statements generally are identified by the words "believe,"
"project," "expect," "anticipate," "estimate," "intend," “think,”
"strategy," "future," "opportunity," “potential,” "plan," “seeks,”
"may," "should," "will," "would," "will be," "will continue," "will
likely result," and similar expressions, but the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties.
These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this communication, including but not limited to: (i)
the risk that the proposed Transaction may not be completed in a
timely manner or at all, which may adversely affect the price of
Kernel's securities; (ii) the risk that the proposed Transaction
may not be completed by Kernel's business combination deadline;
(iii) the failure to satisfy the conditions to the consummation of
the proposed Transaction, including the approval of the Merger
Agreement by the stockholders of Kernel, the satisfaction of the
minimum net tangible assets and minimum cash at closing
requirements and the receipt of certain governmental, regulatory
and third party approvals; (iv) the occurrence of any event, change
or other circumstance that could give rise to the termination of
the Merger Agreement; (v) the failure to achieve the minimum amount
of cash available following any redemptions by Kernel's
stockholders; (vi) redemptions exceeding anticipated levels or the
failure to meet The Nasdaq Capital Market's initial listing
standards in connection with the consummation of the proposed
Transaction; (vii) the effect of the announcement or pendency of
the proposed Transaction on AIRO’s business relationships,
operating results, and business generally; (viii) risks that the
proposed Transaction disrupts current plans and operations of AIRO;
(ix) the outcome of any legal proceedings that may be instituted
against AIRO or against Kernel related to the Merger Agreement or
the proposed Transaction; (x) changes in the markets in which
AIRO’s competes, including with respect to its competitive
landscape, technology evolution, or regulatory changes; (xi)
changes in domestic and global general economic conditions; (xii)
risk that AIRO may not be able to execute its growth strategies;
(xiii) risks related to the ongoing COVID-19 pandemic and response,
including supply chain disruptions; (xiv) risk that AIRO may not be
able to develop and maintain effective internal controls; (xv)
costs related to the proposed Transaction and the failure to
realize anticipated benefits of the proposed Transaction or to
realize estimated pro forma results and underlying assumptions,
including with respect to estimated stockholder redemptions; (xvi)
the ability to recognize the anticipated benefits of the proposed
Transaction and to achieve its commercialization and development
plans, and identify and realize additional opportunities, which may
be affected by, among other things, competition, the ability of
AIRO to grow and manage growth economically and hire and retain key
employees; (xvii) the risk that AIRO may fail to keep pace with
rapid technological developments to provide new and innovative
products and services or make substantial investments in
unsuccessful new products and services; (xviii) the ability to
develop, license or acquire new therapeutics; (xix) the risk that
AIRO will need to raise additional capital to execute its business
plan, which may not be available on acceptable terms or at all;
(xx) the risk that AIRO, post-combination, experiences difficulties
in managing its growth and expanding operations; (xxi) the risk of
product liability or regulatory lawsuits or proceedings relating to
AIRO’s business; (xxii) the risk of cyber security or foreign
exchange losses; (xxiii) the risk that AIRO is unable to secure or
protect its intellectual property; and (xxiv) those factors
discussed in PubCo’s filings with the SEC and that will be
contained in the proxy statement/prospectus relating to the
proposed Transaction.
The foregoing list of factors is not exhaustive.
You should carefully consider the foregoing factors and the other
risks and uncertainties that will be described in the "Risk
Factors" section of the preliminary proxy statement/prospectus and
the amendments thereto, the definitive proxy statement, and other
documents to be filed by PubCo from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and while PubCo, AIRO and Kernel may elect to update
these forward-looking statements at some point in the future, they
assume no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law. Neither PubCo,
AIRO nor Kernel gives any assurance that PubCo, AIRO or Kernel, or
the combined company, will achieve its expectations. These
forward-looking statements should not be relied upon as
representing PubCo’s, Kernel’s or AIRO’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
# # #
INVESTOR CONTACT:
Dan Johnson, dan.johnson@theairogroup.comNancy Richardson,
nmrichardson@jauntairmobility.com
- Kernel Group Holdings, Inc
Kernel (NASDAQ:KRNLU)
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