FlyExclusive said it has agreed to acquire Jet.AI's aviation business in an all-stock deal, leaving the latter company as a pure-play AI solutions company. The private-jet chartering company said Friday that Jet.AI will spin the aviation business off into a new company that will be acquired by FlyExclusive.

Exclusive Inc. (NYSE American: FLYX), a publicly traded provider of premium jet charter experiences, has entered a definitive agreement to acquire

Exclusive (FLYX) has entered a definitive agreement to acquire the aviation business of Jet.AI (JTAI). flyExclusive will acquire the

Shares have had a turbulent 12 months. They were trading at around $184.50 this time a year ago, and hit a low of $2.30 earlier this month. Shedding the aviation unit leaves Las Vegas-based Jet.AI as a pure-play AI-solutions company.