Well, my understanding of the spin out was slightly off, not the execution that I had in my head at the time. But overall, good news on spin out below:
Canada Jetlines, whom was previously a subsidiary of Global Crossing (TSXV: JET), this morning announced that it is nearing completion of its spinout. The firm this morning indicated that it has been approved for listing on the Neo Exchange.
The company is expected to begin trading tomorrow, October 13, on the Neo. The firm will trade under the symbol “CJET” with trading to commence as of tomorrow’s open.
Originally attempting to break into the airline space in Canada years ago under an ultra low cost carrier, or ULCC, model, the company has since pivoted following its failure to acquire the needed capital to launch. The firm now bills itself as a “low cost tour and charter leisure carrier,” that is 100% equity financed.
The firm is currently expecting to service several sun destinations beginning early next year, which still remains subject to approval from both Transport Canada and the Canadian Transport Agency.