On March 28, 2024, Jet.AI Inc. entered into a Securities Purchase Agreement with Ionic Ventures, LLC for a private placement that closed on March 29, 2024. The agreement involved the issuance of 150 shares of Series B Convertible Preferred Stock, a warrant to purchase up to 1,500 shares of Series B Preferred Stock, and 250,000 shares of common stock. The Series B Preferred Stock is convertible into common stock, subject to limitations including a beneficial ownership limitation of 4.99%. The company also entered into a registration rights agreement with the investor for the resale of the common stock underlying the Series B Preferred Stock. The transaction is subject to stockholder approval as it may result in the issuance of common stock exceeding 19.9% of the outstanding shares and could potentially lead to a change of control of the company, requiring compliance with Nasdaq Listing Rule 5635(d) and Rule 5635(b).

On March 28, 2024, Jet.AI Inc. entered into a Securities Purchase Agreement with Ionic Ventures, LLC for a private placement that closed on March 29, 2024. The agreement involved the issuance of 150 shares of Series B Convertible Preferred Stock, a warrant to purchase up to 1,500 shares of Series B Preferred Stock, and 250,000 shares of common stock. The Series B Preferred Stock is convertible into common stock, subject to limitations including a beneficial ownership limitation of 4.99%. The company also entered into a registration rights agreement with the investor for the resale of the common stock underlying the Series B Preferred Stock. The transaction is subject to stockholder approval as it may result in the issuance of common stock exceeding 19.9% of the outstanding shares and could potentially lead to a change of control of the company, requiring compliance with Nasdaq Listing Rule 5635(d) and Rule 5635(b).