Summary by Moomoo AI
Jet.AI Inc., a company listed on The Nasdaq Stock Market, has entered into a Settlement Agreement with Sunpeak Holdings Corporation (SHC) effective August 28, 2024. The agreement resolves outstanding claims SHC had against Jet.AI, with SHC agreeing to purchase approximately $2.4 million in payables from Jet.AI and designated vendors. The settlement will be paid in shares of Jet.AI's common stock, priced at the closing price on August 21, 2024, with adjustments as stipulated in the agreement. Additionally, Jet.AI will issue 100,000 freely trading shares to SHC as a Settlement Fee. The agreement includes a clause that allows for a default declaration if Jet.AI's stock price falls to or below $0.15, or if the thirty-day average trading volume drops below 150,000 shares per day. SHC has also agreed to limit its ownership to no more than 4.99% of Jet.AI's common stock. The Circuit Court of the Twelfth Judicial Circuit Court for Manatee County, Florida, has approved the Settlement Agreement and the issuance of the Settlement Shares.