Jupiter Wellness Announces Closing of De-Spac of Its Sponsored Spac Now Trading As CJET

 Source:  Jupiter Wellness, Inc. 6/6/2023

Jupiter Wellness, Inc. (NASDAQ:JUPW), today announced the successful de-SPACing and commencement of trading of its sponsored special purpose acquisition company (SPAC), now trading on Nasdaq under the ticker symbol CJET. The transition highlights Jupiter's commitment to innovative growth strategies and broadening its investment portfolio.

The de-SPAC process was completed on June 2, 2023, following the definitive agreement announced earlier. As a result of this transaction, Jupiter has acquired a total of 1,662,434 million shares of CJET. The Company also received an aggregate of 144,000 contingent value rights (CVRs) which may entitle the Company to receive up to 2.36M additional shares under certain circumstances. As of the close of trade on Monday shares of CJET were priced at $5.90 per share.

"Jupiter is proud to have been a part of this successful SPAC transaction, reflecting our confidence in the growth and future prospects of CJET," said Brian John, CEO of Jupiter Wellness and Jupiter Wellness Acquisition Corp. "We firmly believe in the strategy and leadership of Chijet, and we are excited about the possibilities that this de-SPAC brings to Jupiter's shareholders, which can now finally be recognized as an asset on Jupiter's balance sheet."

About Jupiter Wellness
Jupiter Wellness is a diversified company that supports health and wellness by researching and developing over-the-counter (OTC) products and intellectual property. The Company's product pipeline addresses a range of conditions, including hair loss, psoriasis, and vitiligo. Revenue is generated through the sales of OTC and consumer products and licensing royalties.