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8-K: Current report

SEC ·  Sep 25 08:40

Summary by Moomoo AI

On September 24, 2024, Jet.AI Inc., a company listed on The Nasdaq Stock Market LLC under the trading symbol JTAI, entered into a material definitive agreement with Ionic Ventures, LLC. The agreement, referred to as the Letter Agreement, relates to a prior Securities Purchase Agreement dated March 28, 2024, and the associated documents and agreements. Ionic Ventures has agreed not to take action to protect its legal rights under the SPA concerning certain actions and transactions identified in the Letter Agreement that the Company has undertaken or effected before the date of the Letter Agreement. In exchange for Ionic's waiver, Jet.AI Inc. has agreed to release Ionic and its affiliates from certain obligations and will issue Ionic 50 shares of the Company...Show More
On September 24, 2024, Jet.AI Inc., a company listed on The Nasdaq Stock Market LLC under the trading symbol JTAI, entered into a material definitive agreement with Ionic Ventures, LLC. The agreement, referred to as the Letter Agreement, relates to a prior Securities Purchase Agreement dated March 28, 2024, and the associated documents and agreements. Ionic Ventures has agreed not to take action to protect its legal rights under the SPA concerning certain actions and transactions identified in the Letter Agreement that the Company has undertaken or effected before the date of the Letter Agreement. In exchange for Ionic's waiver, Jet.AI Inc. has agreed to release Ionic and its affiliates from certain obligations and will issue Ionic 50 shares of the Company’s Series B Convertible Preferred Stock. The rights and preferences of the Series B Convertible Preferred Stock have been detailed in previous reports filed by Jet.AI Inc. with the SEC. The issuance of the Series B Convertible Preferred Stock to Ionic Ventures was conducted under exemptions from the registration requirements of the Securities Act, specifically Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D. The Letter Agreement has been filed with the SEC as Exhibit 10.1 to the company's Current Report on Form 8-K.

This announcement is a separate document:

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