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8-K: Current report

SEC ·  Oct 18, 2024 16:29

Summary by Moomoo AI

Jet.AI has entered into a letter agreement with Ionic Ventures on October 18, 2024, establishing new understandings related to their Securities Purchase Agreement dated March 28, 2024. The agreement modifies terms for Ionic's Series B Convertible Preferred Stock conversion rights.Under the agreement, Ionic agrees to refrain from taking protective legal actions regarding a potential transaction under Form S-3 registration. In exchange, Jet.AI will modify the Conversion Measurement Period for the first 200 shares of Series B Convertible Preferred Stock that Ionic will hold upon exercising their warrant for up to 1,500 shares, with the period beginning March 28, 2024.
Jet.AI has entered into a letter agreement with Ionic Ventures on October 18, 2024, establishing new understandings related to their Securities Purchase Agreement dated March 28, 2024. The agreement modifies terms for Ionic's Series B Convertible Preferred Stock conversion rights.Under the agreement, Ionic agrees to refrain from taking protective legal actions regarding a potential transaction under Form S-3 registration. In exchange, Jet.AI will modify the Conversion Measurement Period for the first 200 shares of Series B Convertible Preferred Stock that Ionic will hold upon exercising their warrant for up to 1,500 shares, with the period beginning March 28, 2024.
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