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Because they are getting bought out by FLYX
[flyExclusive Reaches Definitive Agreement to Acquire Jet.AI Aviation Business in an All-Stock Transaction](https://www.businesswire.com/news/home/20250214042816/en/flyExclusive-Reaches-Definitive-Agreement-to-Acquire-Jet.AI-Aviation-Business-in-an-All-Stock-Transaction) FLYX & JTAI "Jet.AI shareholders will retain their Jet.AI stock and receive new Class A common shares in flyExclusive as part of the transaction"
$FLYX up. Breakout formation.
Anyone been holding / watching FlyExclusive ( FLYX FLYX.WS ) ? FLYX has gone from $6.60 on February 9 to close at $18.24 today, on average daily volume less than 20k shares. FLYX.WS warrants at 47 cents. FLYX filed the [S-1 registration statement](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&filenum=333-276627&owner=exclude&count=40) for the common shares underlying the warrants on January 19, no updates since. Warrants can't be exercised until that becomes effective. Unless ... from the warrant agreement, section 7.4.1: "[If any such registration statement has not been declared effective](https://www.sec.gov/Archives/edgar/data/1843973/000119312521178696/d37313dex41.htm#:~:text=If%20any%20such%20registration%20statement%20has%20not%20been%20declared%20effective) by the **sixtieth (60th)** ***Business*** **Day** following the closing of the Business Combination, holders of the applicable Warrants shall have the right, during the period beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants ... " Business combination closed "[On December 27, 2023](https://www.sec.gov/Archives/edgar/data/1843973/000119312524001570/d557329d8k.htm#:~:text=On%20December%C2%A027%2C%202023) (the “Closing Date”), EG Acquisition Corp., a Delaware corporation (“EGA”), completed the previously announced business combination ". Think today is around business day 47 after the combination closed, and sometime around March 25 the FLYX.WS will be cashless exercisable, unless the S-1 becomes effective first. Of course, when the S-1 becomes effective that might trigger a sharp sell off of FLYX and put the warrants back underwater.