Company Announces Layoff Plan Affecting 64 Employees

In a regulatory filing, the company stated: "In connection with the completion of the previously announced merger involving Sumisho Air Lease Corporation merging with and into Takeoff Merger Sub Inc., a Delaware corporation, with the Company surviving the Merger as an indirect subsidiary of Sumisho Air Lease Corporation Designated Activity Company, an Irish private limited company, on April 8, 2026, the Company approved a plan to reduce its workforce, currently affecting 64 employees, a 40% reduction in workforce as compared to December 31, 2025. Impacted employees were notified between April 8, 2026 and April 10, 2026, and workforce reductions related to announced plans are expected to be completed in the second and third quarters of 2026. All employees affected by the reduction in workforce will be eligible to receive, among other things, severance payments based on the applicable employee's length of service with the Company and the continuation of benefits for a specified time period post-termination."