Summary by Moomoo AI
Jet.AI announced a 1-for-225 reverse stock split of its common stock, effective November 12, 2024, aimed at regaining compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company's stock will continue trading under the symbol JTAI with a new CUSIP number 47714H308.The reverse split will automatically convert every 225 shares into one share, with fractional shares rounded up to the nearest whole share. The split will not alter stockholders' percentage ownership or voting power, except for minor adjustments from rounding. Proportional adjustments will be made to equity awards, convertible preferred stock, and warrants.The corporate action follows stockholder approval on September 24, 2024, which granted the Board discretion to implement a reverse split ratio between 1:2 and 1:1000. Stockholders holding shares in electronic form at brokerage firms do not need to take any action, as changes will be automatically reflected in their accounts.
