Summary by Futu AI
On October 25, 2024, Jet.AI Inc., a Delaware-incorporated company listed on the Nasdaq Stock Market under the symbol JTAI, announced the entry into an Equity Distribution Agreement with Maxim Group, LLC. Under this agreement, Maxim Group will serve as the sales agent for Jet.AI Inc., facilitating the at-the-market offering of the company's common stock. The agreement allows for the sale of shares with an aggregate gross sales price of up to $5,400,000. These shares will be offered pursuant to a prospectus dated September 9, 2024, and a prospectus supplement dated October 25, 2024, under the company's shelf registration statement declared effective by the SEC on September 9, 2024. Jet.AI Inc. has agreed to pay a commission of 3% of the gross sales price to Maxim Group for any shares sold. The company has made customary representations, warranties, and covenants in the agreement and has agreed to indemnify Maxim Group against certain liabilities. The ATM Agreement was filed with the SEC and is incorporated by reference into this report.
