On October 10, 2024, Jet.AI Inc., a company listed on The Nasdaq Stock Market LLC under the trading symbol JTAI, entered into a material definitive agreement with Ionic Ventures, LLC. The agreement, referred to as the Letter Agreement, relates to a prior Securities Purchase Agreement (SPA) dated March 28, 2024, and the associated documents and agreements. Ionic has agreed not to enforce its legal rights under the SPA concerning certain actions and transactions specified in the Letter Agreement. These include Jet.AI Inc.'s amendment filing to the registration statement on Form S-1 with the SEC and a proposed registered direct offering. In return, Jet.AI Inc. has agreed to modify the Conversion Measurement Period for the 200 shares of Series B Convertible Preferred...Show More

On October 10, 2024, Jet.AI Inc., a company listed on The Nasdaq Stock Market LLC under the trading symbol JTAI, entered into a material definitive agreement with Ionic Ventures, LLC. The agreement, referred to as the Letter Agreement, relates to a prior Securities Purchase Agreement (SPA) dated March 28, 2024, and the associated documents and agreements. Ionic has agreed not to enforce its legal rights under the SPA concerning certain actions and transactions specified in the Letter Agreement. These include Jet.AI Inc.'s amendment filing to the registration statement on Form S-1 with the SEC and a proposed registered direct offering. In return, Jet.AI Inc. has agreed to modify the Conversion Measurement Period for the 200 shares of Series B Convertible Preferred Stock held by Ionic, starting from March 28, 2024, and ending as per the Certificate of Designation (CoD). The rights and preferences of the Series B Convertible Preferred Stock have been detailed in previous reports filed by Jet.AI Inc. with the SEC. The Letter Agreement has been filed with the SEC as Exhibit 10.1 to the Current Report on Form 8-K.