Summary by Futu AI
Jet.AI Inc. (Jet.AI), a private air charter company specializing in artificial intelligence technology for private aircraft travel, has announced a public offering of 26,666,666 shares of its common stock at $0.09 per share. The offering is filed under Rule 424(b)(5) with the Securities and Exchange Commission (SEC), and the common stock is traded on the Nasdaq Stock Market under the symbol 'JTAI'. The last reported sale price of Jet.AI's common stock was $0.0926 per share as of October 9, 2024. The offering aims to raise approximately $2.4 million before expenses, with net proceeds intended for working capital and general corporate purposes, including potential redemption of outstanding Series A and Series A-1 Preferred Shares. The shares are expected to be ready for delivery on or about October 11, 2024, with Maxim Group LLC acting as the sole placement agent for the offering. The date of the prospectus supplement is October 10, 2024.