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8-K: Current report

SEC ·  Jul 17 21:26
Summary by Futu AI
Jet.AI Inc., a Delaware-incorporated emerging growth company listed on the Nasdaq Stock Market, has filed a Current Report on Form 8-K with the SEC, detailing amendments to its financial instruments and agreements. On July 15, 2024, Jet.AI and Maxim Group LLC entered into an amendment to their previous settlement agreement, which included changes to the Certificate of Designation for Series A Convertible Preferred Stock. The amendment, approved by Maxim and the company's board, adjusts the Series A Conversion Price to 100% of the VWAP of the common stock for the five trading days preceding the conversion date, with a cap on conversion to no more than 19.99% of the outstanding common stock without shareholder approval. Additionally, the amendment introduces a provision to adjust the conversion price in the event of a Dilutive Issuance, ensuring the conversion price matches the lowest effective price per share. The changes were made effective upon filing with the Secretary of State of Delaware and are detailed in the attached exhibits to the report.
Jet.AI Inc., a Delaware-incorporated emerging growth company listed on the Nasdaq Stock Market, has filed a Current Report on Form 8-K with the SEC, detailing amendments to its financial instruments and agreements. On July 15, 2024, Jet.AI and Maxim Group LLC entered into an amendment to their previous settlement agreement, which included changes to the Certificate of Designation for Series A Convertible Preferred Stock. The amendment, approved by Maxim and the company's board, adjusts the Series A Conversion Price to 100% of the VWAP of the common stock for the five trading days preceding the conversion date, with a cap on conversion to no more than 19.99% of the outstanding common stock without shareholder approval. Additionally, the amendment introduces a provision to adjust the conversion price in the event of a Dilutive Issuance, ensuring the conversion price matches the lowest effective price per share. The changes were made effective upon filing with the Secretary of State of Delaware and are detailed in the attached exhibits to the report.
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