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GlobalX shareholders did receive shares in Canada Jetlines Operations Ltd., but the distribution was completed on June 28, 2021—not an upcoming transfer. It was a spin-out of the Jetlines business, separate from the 2020 business combination that created the company now known as Global Crossing Airlines Group Inc.
What happened—and which company shareholders received
The wording “GlobalX shareholders will take ownership of Canada Jetlines” describes a completed transaction in the future tense. On June 28, 2021, Global Crossing Airlines Group Inc. distributed shares of Canada Jetlines Operations Ltd. to its shareholders. The shareholders received an interest in the separate Jetlines company; they did not newly take ownership of GlobalX.
The distinction between the companies matters. Global Crossing Airlines Group Inc. is the parent company, formerly named Canada Jetlines Ltd. Global Crossing Airlines, Inc. is the airline subsidiary involved in the 2020 business combination. Canada Jetlines Operations Ltd. was the separate company whose shares were distributed in 2021. The parent’s 2025 annual report recounts the company-name and business-combination history.
How the two transactions unfolded
| Date | Event | What it meant |
|---|---|---|
| June 23, 2020 | Canada Jetlines Ltd. completed a business combination with Global Crossing Airlines, Inc. | This was the combination involving the airline subsidiary, not the later distribution of Jetlines shares. |
| December 22, 2020 | The company changed its jurisdiction of incorporation to Delaware and changed its name to Global Crossing Airlines Group Inc. | The parent company took the Global Crossing Airlines Group name. |
| May 19, 2021 | The company entered an arrangement agreement for a spin-out. | The agreement set up the separation of Canada Jetlines Operations Ltd. |
| June 28, 2021 | The spin-out was completed. | Shares in Canada Jetlines Operations Ltd. were distributed to Global shareholders; the two companies were to operate separately. |
The company’s 2022 annual report describes the spin-out and the subsequent ownership figures.
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What Global shareholders received
At the spin-out, Global Crossing Airlines Group transferred 75% of Canada Jetlines Operations Ltd. shares to Global shareholders. The distribution ratio was one Jetlines share for every two Global shares held as of the record date. Global Crossing Airlines Group retained 25% of Jetlines at the closing, and the companies were to have separate boards and management.
The distribution ratio explains the share allocation, not the investment value of the shares or a guaranteed return. The cited filings establish the transaction terms, but do not establish what an individual shareholder’s shares were worth or what they later became worth.
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How Global’s reported Jetlines stake changed
The 25% retained at the June 2021 closing is not the same figure as Global Crossing Airlines Group’s later reported interest. Its 2022 annual report says the company held approximately 13% of Canada Jetlines Operations Ltd. as of December 31, 2022. These are dated figures from different points in time; they should not be treated as a current ownership percentage.
Shareholder approval of the 2020 combination
In a June 2, 2020 announcement, Canada Jetlines said 95.89% of the common and variable voting shares voted at the special meeting were in favour of the proposed business combination. That percentage refers to shares voted, not all issued shares. The announcement also said closing conditions were still pending at that point. The company’s release is available from Newsfile.
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GlobalX today: operating context
Global Crossing Airlines Group’s investor-relations overview describes GlobalX as a U.S. Part 121 airline serving the United States, Caribbean, and Latin America, with ACMI, wet-lease, and ad-hoc charter services. Its 2025 annual report lists sixteen passenger aircraft and four cargo aircraft as of December 31, 2025; those counts are a dated fleet snapshot, not a live count. This current operating context is distinct from the historical ownership distribution involving Canada Jetlines Operations Ltd.
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