AIR Global PLC Invests in Greentank Innovations Corp

AIR Global PLC Expands Partnership with Greentank Innovations

DUBAI, United Arab Emirates - AIR Global PLC (NASDAQ: AIIR), a global leader in flavored inhalation technologies, has announced a strategic equity investment in Greentank Innovations Corp., a specialist in advanced vaporization hardware. This move strengthens the existing collaboration between the two companies, which began in 2023.

Transaction Details

• AIR has invested USD 20 million in Greentank through the purchase of preferred shares, based on a pre-money valuation of approximately USD 170 million.
• The agreement includes a warrant allowing AIR to increase its ownership stake in Greentank by an additional 20 percent over the next 24 months, based on a valuation of USD 250 million.
• AIR will secure the right to nominate a director to the Greentank board and gain access to enhanced commercial terms and new technologies.

The investment focuses on advancing the Crown Switch electronic vaping system, which utilizes Greentank's Quantum Chip atomization platform. This technology is central to AIR's strategy for scaling its Reduced-Risk innovations and positioning the company for long-term growth within the evolving nicotine industry.

Pilot Study Findings

• A recent pilot study conducted by an independent laboratory evaluated aerosol emissions from the Crown Switch device.
• The study indicates that the Crown Switch produced lower levels of harmful constituents compared to FDA-authorized vape products and significantly lower levels than cigarette smoke.
• Carbon monoxide was notably not detected in the aerosol, while levels of formaldehyde and nickel were significantly lower than in comparable market products.