Jet.AI Inc. announced the completion of several significant financial transactions and corporate actions. The company entered into a Securities Purchase Agreement with Ionic Ventures, LLC, issuing Series B Convertible Preferred Stock, a warrant to purchase additional Series B Preferred Stock, and common stock. This transaction, known as the Ionic Transaction, is subject to stockholder approval to remove an exchange limitation that could result in the issuance of more than 20% of Jet.AI's outstanding common stock at a price less than the minimum price defined by Nasdaq Listing Rule 5635(d). Additionally, Jet.AI settled payment obligations with Maxim Group LLC by issuing Series A Convertible Preferred Stock and common stock. The company also entered into a settlement agreement with...Show More

Jet.AI Inc. announced the completion of several significant financial transactions and corporate actions. The company entered into a Securities Purchase Agreement with Ionic Ventures, LLC, issuing Series B Convertible Preferred Stock, a warrant to purchase additional Series B Preferred Stock, and common stock. This transaction, known as the Ionic Transaction, is subject to stockholder approval to remove an exchange limitation that could result in the issuance of more than 20% of Jet.AI's outstanding common stock at a price less than the minimum price defined by Nasdaq Listing Rule 5635(d). Additionally, Jet.AI settled payment obligations with Maxim Group LLC by issuing Series A Convertible Preferred Stock and common stock. The company also entered into a settlement agreement with its sponsor, OAC Sponsor Ltd., issuing Series A-1 Preferred Shares. Furthermore, Jet.AI engaged Maxim as a financial advisor and investment banker and entered into a placement agency agreement with Maxim in connection with the Ionic Transaction. The company is seeking stockholder approval for an amendment to increase authorized common stock from 55,000,000 to 200,000,000 shares and to effect a reverse stock split to maintain compliance with Nasdaq's minimum bid price requirement. These corporate actions are subject to approval at Jet.AI's upcoming Annual Meeting of Stockholders.