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8-K: Current report

SEC ·  May 31 16:59

Summary by Moomoo AI

Jet.AI Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market under the trading symbols JTAI for common stock and JTAIZ for merger consideration warrants, has reported a significant development in its ongoing compliance with Nasdaq's listing requirements. On December 1, 2023, Jet.AI Inc. was notified by Nasdaq that it did not meet the minimum stockholders' equity requirement of $10 million for continued listing on The Nasdaq Global Market. The company submitted a compliance plan and was granted an extension until May 29, 2024, to fulfill this requirement. However, on May 30, 2024, Jet.AI Inc. received a notice from Nasdaq stating that it had not regained compliance. In response, the company has applied to transfer its listing to The Nasdaq Capital Market...Show More
Jet.AI Inc., a Delaware-incorporated company listed on The Nasdaq Stock Market under the trading symbols JTAI for common stock and JTAIZ for merger consideration warrants, has reported a significant development in its ongoing compliance with Nasdaq's listing requirements. On December 1, 2023, Jet.AI Inc. was notified by Nasdaq that it did not meet the minimum stockholders' equity requirement of $10 million for continued listing on The Nasdaq Global Market. The company submitted a compliance plan and was granted an extension until May 29, 2024, to fulfill this requirement. However, on May 30, 2024, Jet.AI Inc. received a notice from Nasdaq stating that it had not regained compliance. In response, the company has applied to transfer its listing to The Nasdaq Capital Market tier, which has a lower minimum stockholders' equity requirement of $2.5 million, and has filed a registration statement and preliminary proxy statement for a $16.5 million private placement transaction with Ionic Ventures LLC. Jet.AI Inc. has received $1.5 million of the funding from Ionic Ventures LLC and is utilizing its existing GEM facility to work towards compliance. The company plans to request a hearing before the Nasdaq Hearings Panel to appeal the delisting notice and will pay the $20,000 fee for this process. The appeal will stay the suspension of trading of the company's securities, allowing them to continue trading on The Nasdaq Global Market until the hearing process is concluded and a decision is made. Jet.AI Inc. is actively working to regain compliance and avoid delisting.

This announcement is a separate document:

Doc 1

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