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8-K: Current report

SEC ·  Aug 23 08:11

Summary by Moomoo AI

Jet.AI Inc., a Delaware corporation listed on NASDAQ under the symbol JTAI, has successfully completed its exchange offer and consent solicitation, which commenced on June 27, 2024, and concluded on July 25, 2024. The company announced that a significant majority of its redeemable warrants (JTAIW), private placement warrants, and merger consideration warrants (JTAIZ) were validly tendered and not withdrawn by the expiration date. Following this, Jet.AI entered into amendments for the warrant agreements on August 21, 2024, with Continental Stock Transfer & Trust Company, allowing the company to exchange each outstanding warrant for 10% fewer shares of common stock than originally offered. The Post-Offer Exchange is scheduled for September 9, 2024, where approximately 2.4 million shares of common stock will be issued, resulting in no warrants remaining outstanding...Show More
Jet.AI Inc., a Delaware corporation listed on NASDAQ under the symbol JTAI, has successfully completed its exchange offer and consent solicitation, which commenced on June 27, 2024, and concluded on July 25, 2024. The company announced that a significant majority of its redeemable warrants (JTAIW), private placement warrants, and merger consideration warrants (JTAIZ) were validly tendered and not withdrawn by the expiration date. Following this, Jet.AI entered into amendments for the warrant agreements on August 21, 2024, with Continental Stock Transfer & Trust Company, allowing the company to exchange each outstanding warrant for 10% fewer shares of common stock than originally offered. The Post-Offer Exchange is scheduled for September 9, 2024, where approximately 2.4 million shares of common stock will be issued, resulting in no warrants remaining outstanding. The company will round up fractional shares to the nearest whole share for any warrant holder entitled to receive them. As a result of the offer, Jet.AI's total outstanding shares increased by approximately 75.5% to 24,576,880 as of July 30, 2024, and will further increase to an estimated 27,054,217 shares after the Post-Offer Exchange. The redeemable warrants and merger consideration warrants will be suspended from trading and de-listed from The Nasdaq Capital Market post-exchange, while Jet.AI's common stock will continue to trade under the symbol JTAI.

This announcement is a separate document:

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