Blade Air Mobility, Inc. (BLDE) stock rallied in intraday trading today after it announced the acquisition of Trinity Air Medical, Inc. BLDE stock price saw an uptrend of 13.76% to reach 10.00 a share at the time of this writing. The trading volume as of now was 1,131,869, significantly higher than the average volume.
Blade Air Mobility, Inc is the air alternative transporter to the congested ground routes in the U.S and across the globe. It was incorporated in 2014 and is headquartered in New York.
BLDE stock to acquire Trinity Air Medical, Inc:
Blade Air Mobility today signed the definitive agreement in order to acquire Trinity Air Medical, Inc. The purchase price for 100% capital stock of trinity is $23 million. Moreover, additional consideration also includes in the transaction based on the EBITDA growth target in three years tenure.
Seth Bacon and Scott Wunsch will serve as the CEO and COO of Blade MediMobility respectively. Both of them have acknowledged a five-year non-competition agreement. All Trinity employees will get incentives and expect to remain to continue to work in the company after the transaction.
Trinity is the organ logistics and transportation company that generated $16 million in revenue in 2020. The company is currently operating in 16 states.
Financial View of BLDE stock:
BLDE stock generated $13.0 million in revenues in the fiscal third quarter ended June 30, 2021. This represents an extraordinary increase of 277% as compared to the prior-year period. The short distance revenue of Blade Air highly increased by 810% to reach $5.7 million compared to $0.6 million in the same prior-year period. The increase was due to the resumption of travel due to ease in covid restrictions. MediMobility organ transport and jet revenues reached $6.5 million, 147% higher than the same tenure of the previous year.
Blade Air reported a $24.3 million net loss in the third fiscal quarter of 2021. This compares to the net loss of $1.3 million in the same tenure of 2020. Stock-based compensation, change in fair value of warrant liabilities, and one-time BLDE stock’s public listing resulted in an increased net loss. Adjusted EBITDA was $2.6 million in the fiscal third quarter of 2021 as compared to $1.3 million in 2020.
The market sentiment of BLDE stock suggests that investors are happy with the recent development of Blade Air Mobility. As of now, the BLDE stock price has progressed 29.52% in the last 30 days.