Summary by Moomoo AI
Jet.AI has entered into securities purchase agreements with institutional investors to sell 26.67 million shares of common stock at $0.09 per share in a registered direct offering. The transaction, closing on October 11, 2024, is expected to generate gross proceeds of approximately $2.4 million before deducting placement agent fees and other offering expenses.Maxim Group LLC serves as the exclusive placement agent, receiving a 7% fee of the gross proceeds and expense reimbursement up to $100,000. The company granted Maxim Group exclusive rights until January 31, 2025, to act as the sole manager for any future public or private equity offerings.The company's directors and executive officers agreed to a 90-day lock-up period after closing, restricting them from selling or transferring their shares. The offering was made under a shelf registration statement that became effective on September 9, 2024.
