Jet.AI Inc., a Delaware corporation, has successfully completed a tender offer and consent solicitation for its outstanding warrants. The offer, which expired on July 25, 2024, allowed warrant holders to exchange their warrants for shares of common stock. The company reported that a significant majority of the redeemable warrants, all of the private placement warrants, and a substantial portion of the merger consideration warrants were validly tendered and not withdrawn by the expiration date. On July 30, 2024, Jet.AI Inc. accepted all validly tendered warrants, resulting in the issuance of approximately 9.5 million common shares. Following the tender offer, the company also received the necessary approval from warrant holders to effect warrant amendments, which allowed for a post-offer exchange at a reduced...Show More

Jet.AI Inc., a Delaware corporation, has successfully completed a tender offer and consent solicitation for its outstanding warrants. The offer, which expired on July 25, 2024, allowed warrant holders to exchange their warrants for shares of common stock. The company reported that a significant majority of the redeemable warrants, all of the private placement warrants, and a substantial portion of the merger consideration warrants were validly tendered and not withdrawn by the expiration date. On July 30, 2024, Jet.AI Inc. accepted all validly tendered warrants, resulting in the issuance of approximately 9.5 million common shares. Following the tender offer, the company also received the necessary approval from warrant holders to effect warrant amendments, which allowed for a post-offer exchange at a reduced rate. This exchange was completed on August 21, 2024, with the company issuing an additional 2.461 million common shares. The company rounded up fractional shares to the nearest whole share for any warrant holders entitled to them. Jet.AI Inc. issued press releases on July 30 and August 23, 2024, to announce the closing of the offer and the final results, as well as the entry into the warrant amendments.