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Update: AIAI Shares Rise After Company Enters Letter of Intent to Acquire Controlling Interest in Messier 42 Defense Business

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(Updates to add stock move in the headline and the first paragraph.)

AIAI (AIAI) shares rose 8.9% in Thursday trading after the company said it has entered into a letter of intent to acquire a controlling interest in a defense-industry business from its affiliated entity, Messier 42 LLC.

The transaction is expected to close as early as Q4 and is projected to be accretive to AIAI stockholders, according to a statement.

Financial terms of the transaction were not provided.

M42 forecasts the targeted business will generate $250 million in free cash flow during the 12 months following the transaction's closing, AIAI said.

Price: $4.04, Change: $+0.34, Percent Change: +9.08%

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