In The Works: AASI Jetcruzer 500

 - May 29, 2008, 7:33 AM

The developer of the single-turboprop pusher Jetcruzer 500 gave holders of its Class A and B warrants an additional month to convert their warrants, purchased five years ago when Long Beach, Calif.-based AASI held its initial public offering, to common stock. AASI’s stock, which was offered at $5 per share in December 1996, has been trading well under $1 for more than a year (at press time it was trading at about 25 cents). Said Dr. Carl Chen, president and CEO, “This extension will give management adequate time to further evaluate what is most beneficial to warrant holders and shareholders alike.” The company late last year received an additional $7.75 million in private investment funds, which it needs to continue testing and, the company hopes, complete certification, now estimated for late this year. Last January the company anticipated certification in the second quarter of last year.

Seemingly in defiance of the airplane’s long development program (the 500’s predecessor, the Jetcruzer 450, first flew in January 1989), AASI announced in November that it had received orders for an additional nine Jetcruzer 500s, bringing its order book to 197 aircraft worth a reported $237 million.