Summary by Moomoo AI
Jet.AI has entered into a Settlement Agreement with Sunpeak Holdings Corporation (SHC) on August 21, 2024, which became effective August 28, 2024, to resolve approximately $2.4 million in outstanding vendor claims. The settlement involves exchanging these claims for company common stock shares, with pricing based on the August 21, 2024 closing price.As part of the agreement, Jet.AI will issue 100,000 freely trading shares to SHC as a Settlement Fee. The agreement includes protective measures, allowing either party to declare default if the stock price falls to or below $0.15 per share, or if the 30-day average trading volume drops to 150,000 shares or less. SHC is restricted from acquiring more than 4.99% beneficial ownership of Jet.AI's common stock.The Settlement Agreement and share issuance have received approval from the Circuit Court of the Twelfth Judicial Circuit Court for Manatee County, Florida, confirming the fairness of terms and conditions. The share issuance is exempt from registration under Section 3(a)(10) of the Securities Act of 1933.
