Summary by Moomoo AI
On October 31, 2024, Jet.AI Inc., through its wholly-owned subsidiary Galilee, LLC, entered into a significant agreement with Textron Aviation Inc. for the acquisition of three Cessna Citation CJ4 aircraft. The delivery of these aircraft is scheduled for the second half of 2026. An initial deposit has already been made, with additional payments set to occur from November 2024 to August 2025. The Purchase Agreement outlines specific terms regarding the aircraft's specifications, delivery, and acceptance, as well as other standard covenants and obligations. This transaction was disclosed in Jet.AI Inc.'s Form 8-K filing with the SEC, where the Purchase Agreement was attached as Exhibit 10.1. The company, identified as an emerging growth company, has not opted for the extended transition period for complying with new or revised financial accounting standards.
