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Private charter jet broker Star Jets International (OTCPK:JETR) has filed to uplist its shares to Nasdaq and raise $12M through a public offering.
The New York -based company said in its filing that it is looking to offer 2.9M shares priced at $4 per share, a number that could likely change.
Underwriters would be granted a 45-day option to buy up to 431K additional shares to cover over-allotments. EF Hutton is serving as sole bookrunner.
Shares are currently traded OTC under the symbol JETR. The company has applied for a Nasdaq listing with the same symbol. It plans to conduct a reverse stock split of between 1-for-6 and 1-for-25 ahead of the offering.
Star Jet has developed an online booking platform for private jets that can be accessed via an iOS/Android app. The company said it is striving to become the "Expedia.com" of private jet charter. Star Jet's chief executive officer and chairman, Richard Sitomer, is a founder of private jet chartering company Blue Star Jets.
The company has been operating in the red. For the nine-month period ended Sept. 30, Star Jet reported a net loss of $529K on revenue of $13M.
In October, private aviation services provider FlexJet announced it planned to go public through a SPAC merger with Horizon II (HZON). The deal is expected to close later this year.