On October 21, 2024, Jet.AI Inc., a private aviation and artificial intelligence company, reported the successful completion of a securities purchase agreement with several institutional investors. The agreement resulted in the sale of 15,625,000 shares of common stock at a price of $0.096 per share, leading to gross proceeds of approximately $1.5 million before deductions for the placement agent's fees and other estimated offering expenses. The offering was conducted under a shelf registration statement on Form S-3, declared effective by the SEC on September 9, 2024. In conjunction with the offering, Jet.AI Inc. filed a prospectus supplement with the SEC. Additionally, the company entered into a placement agency agreement with Maxim Group LLC, granting them a right of first refusal to act as the...Show More

On October 21, 2024, Jet.AI Inc., a private aviation and artificial intelligence company, reported the successful completion of a securities purchase agreement with several institutional investors. The agreement resulted in the sale of 15,625,000 shares of common stock at a price of $0.096 per share, leading to gross proceeds of approximately $1.5 million before deductions for the placement agent's fees and other estimated offering expenses. The offering was conducted under a shelf registration statement on Form S-3, declared effective by the SEC on September 9, 2024. In conjunction with the offering, Jet.AI Inc. filed a prospectus supplement with the SEC. Additionally, the company entered into a placement agency agreement with Maxim Group LLC, granting them a right of first refusal to act as the sole managing underwriter and sole book runner for any future public or private offerings until January 31, 2025. The company's directors and officers had previously entered into lock-up agreements, restricting the sale of shares for ninety days following an offering that closed on October 11, 2024. The company's press release on October 18, 2024, announced the pricing of the securities purchase agreements and other related information.