Jet.AI Inc. (JETAI) announced the completion of a private placement transaction with Ionic Ventures, LLC, resulting in the issuance of Series B Convertible Preferred Stock, a warrant to purchase additional Series B Preferred Stock, and common stock. The transaction, which closed on March 29, 2024, is subject to stockholder approval to remove an exchange limitation that restricts the conversion of Series B Preferred Stock into common stock beyond 19.9% of outstanding shares. The approval is sought in accordance with Nasdaq Listing Rules 5635(d) and 5635(b), which require stockholder approval for issuances exceeding 20% of outstanding shares at a price less than the minimum price, or that may result in a change of control. The transaction aims to provide Jet.AI with capital for business growth, and the company has entered into agreements, including a registration rights agreement, to facilitate the transaction. The Board has also proposed an amendment to increase authorized common stock from 55,000,000 to 110,000,000 shares to support future growth and capital raising efforts.

Jet.AI Inc. (JETAI) announced the completion of a private placement transaction with Ionic Ventures, LLC, resulting in the issuance of Series B Convertible Preferred Stock, a warrant to purchase additional Series B Preferred Stock, and common stock. The transaction, which closed on March 29, 2024, is subject to stockholder approval to remove an exchange limitation that restricts the conversion of Series B Preferred Stock into common stock beyond 19.9% of outstanding shares. The approval is sought in accordance with Nasdaq Listing Rules 5635(d) and 5635(b), which require stockholder approval for issuances exceeding 20% of outstanding shares at a price less than the minimum price, or that may result in a change of control. The transaction aims to provide Jet.AI with capital for business growth, and the company has entered into agreements, including a registration rights agreement, to facilitate the transaction. The Board has also proposed an amendment to increase authorized common stock from 55,000,000 to 110,000,000 shares to support future growth and capital raising efforts.