Jet.AI Inc., an innovative private aviation and artificial intelligence company, has announced its regained compliance with the Nasdaq Listing Rule 5550(b)(1) minimum stockholders' equity requirement. The company had previously been notified on December 1, 2023, of its noncompliance due to a stockholders' deficit of $(3,963,039) as of December 31, 2023. Initially given until May 29, 2024, to meet the requirement, Jet.AI did not achieve compliance by this deadline. However, after transferring its Common Stock listing to The Nasdaq Capital Market on August 14, 2024, the Nasdaq Hearings Panel extended the deadline to November 26, 2024. To regain compliance, the company executed several financial maneuvers, including a Share Purchase Agreement with GEM, a Securities Purchase Agreement with Ionic Ventures, LLC, a Settlement Agreement with Sunpeak Holdings Corporation, a reverse stock...Show More

Jet.AI Inc., an innovative private aviation and artificial intelligence company, has announced its regained compliance with the Nasdaq Listing Rule 5550(b)(1) minimum stockholders' equity requirement. The company had previously been notified on December 1, 2023, of its noncompliance due to a stockholders' deficit of $(3,963,039) as of December 31, 2023. Initially given until May 29, 2024, to meet the requirement, Jet.AI did not achieve compliance by this deadline. However, after transferring its Common Stock listing to The Nasdaq Capital Market on August 14, 2024, the Nasdaq Hearings Panel extended the deadline to November 26, 2024. To regain compliance, the company executed several financial maneuvers, including a Share Purchase Agreement with GEM, a Securities Purchase Agreement with Ionic Ventures, LLC, a Settlement Agreement with Sunpeak Holdings Corporation, a reverse stock split, and sales of Common Stock to institutional investors and through an Equity Distribution Agreement. These efforts increased the company's stockholders' equity to approximately $4.0 million, surpassing the $2.5 million requirement. As of November 18, 2024, Jet.AI believes it has regained compliance, supported by its strong cash position of $3.6 million, no debt, and a positive outlook on aircraft deliveries. The company issued a press release on November 18, 2024, to announce the achievement.