Strata Critical Medical (SRTA) Announces the Closing of the Divestiture of its Passenger Business to Joby Aviation

Strata Critical Medical, Inc. (NASDAQ:SRTA) is one of the best airport and air services stocks to buy. Formerly known as Blade Air Mobility, Strata Critical Medical, Inc. (NASDAQ:SRTA) announced on August 29 the successful closing of the previously announced divestiture of its Passenger business to Joby Aviation, Inc.

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Management reported that Joby elected to pay the up-front consideration in stock, and the company “may receive up to an additional $35.0 million in consideration based on maintaining certain employee retention and financial performance targets during the 18 and 12 months, respectively, following today’s closing, as well as the release of up to $10.0 million in indemnity holdbacks, payable in cash or stock at Joby’s election.”

The company’s rebranding to Strata Critical Medical, Inc. (NASDAQ:SRTA) is now complete, with it now trading under the ticker symbol SRTA.

Strata Critical Medical, Inc. (NASDAQ:SRTA) provides air transportation and logistics for hospitals across the United States. The company’s subsidiary, Trinity Medical Solutions, is involved in air and ground transportation of human organs for transplant.

The company’s operations are divided into the Passenger and Medical segments. The Passenger segment encompasses short-distance helicopter and amphibious seaplane flights and non-medical jet charter, while the Medical segment manages the transportation of human organs for transplant.

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Disclosure: None. This article is originally published at Insider Monkey.