Summary by Moomoo AI
On September 26, 2024, Jet.AI submitted Amendment No. 3 to its Registration Statement on Form S-1 to the SEC, addressing comments from the SEC's Division of Corporation Finance. The amendment includes changes to reflect the SEC's feedback and updates to the registration statement.The company clarified that the Certificate of Designations limits the conversion of Series B Preferred Stock to prevent beneficial ownership exceeding 4.99%, with potential adjustment to 9.99% upon notice. The registration statement registers the potential resale of up to 16,232,232 shares of common stock.Jet.AI confirmed its understanding that any material change in the plan of distribution, such as retaining an underwriter, would require a post-effective amendment. The company also updated disclosures regarding the issuance of Effectiveness Shares to Ionic.
