FLYHT Aerospace Solutions Ltd. (TSX VENTURE: FLY) (OTCQX: FLYLF) has granted incentive stock options for an aggregate 3,660,220 common shares, subject to regulatory approval, to employees, officers and directors under the stock option plan approved at its Annual and Special Meeting, the company said.
The stock options are exercisable at a price of USD 0.22 per share. They also feature immediate vesting and expire on December 31, 2020.
A maximum of 10% of the issued and outstanding shares are reserved under the company´s stock option plan. The options, and any common shares issued upon exercise of the stock options are subject to a four-month resale restriction.
FLYHT is a provider of real-time aircraft intelligence and cockpit communications for the aerospace industry. More than 70 customers, including airlines, leasing companies and original equipment manufacturers, have installed its systems in order to increase safety, improve operational efficiencies and enhance profitability.
FLYHT´s proprietary technology, the Automated Flight Information Reporting System (AFIRS), operates on multiple aircraft types and provides functions such as safety services voice and text messaging, data collection and transmission, and on-demand streaming of flight data recorder (black box), engine and airframe data. AFIRS has flown over 2.5 million aggregate flight hours and 1.7 million flights on customers´ aircraft.