EG Acquisition Corp. disclosed an update to its previously announced transaction involving Jet.AI. The parties have executed Amendment No. 4 to their merger agreement, removing a closing condition that would have required Jet.AI to enter into a securities purchase agreement with a third-party investor. Under the previous terms, Jet.AI would have issued a warrant to purchase up to $50 million worth of a new series of preferred stock. Jet.AI confirmed it has enough positive net working capital to meet the minimum cash closing requirement without this securities purchase agreement. The amendment also allows Jet.AI to explore and negotiate potential transactions, provided these are conditioned on and completed after the closing of the current merger transaction.
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