Jet.AI Confirms Pricing for Registered Direct Offering Valued at $2.4 Million

October 11, 2024 01:53 AM PDT | By Team Kalkine Media

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Jet.AI Confirms Pricing for Registered Direct Offering Valued at $2.4 Million — Image source: Shutterstock

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Highlights

Jet.AI Inc. has announced a registered direct offering of approximately 26.6 million shares of common stock at a price of $0.09 per share.
The offering is projected to generate gross proceeds of $2.4 million prior to the deduction of fees and expenses, with the closing anticipated around October 11, 2024.
Maxim Group is acting as the exclusive placement agent for this offering, conducted under an effective shelf registration statement.

Overview

Jet.AI Inc. {NASDAQ:JTAI], a company specializing in private aviation and artificial intelligence, has revealed plans for a registered direct offering comprising approximately 26.6 million shares of its common stock, priced at $0.09 per share. This offering is anticipated to generate gross proceeds of approximately $2.4 million, before accounting for any fees and expenses associated with the transaction. The closing of the offering is expected to occur around October 11, 2024, contingent upon customary closing conditions.

Maxim Group has been designated as the exclusive placement agent for this offering. The transaction is being executed under an effective shelf registration statement, which facilitates the streamlined issuance of securities. This approach allows Jet.AI to raise capital efficiently to support its ongoing operations and strategic initiatives.

Founded in 2018 and headquartered in Las Vegas and San Francisco, Jet.AI operates within the Software and Aviation sectors. The company offers innovative solutions such as the CharterGPT app and the Jet.AI Operator platform, along with a variety of aviation services. The CharterGPT app is designed to enhance the charter flight booking experience through advanced AI capabilities, while the Jet.AI Operator platform streamlines operational efficiencies for aviation service providers.

By leveraging technology and AI, Jet.AI aims to revolutionize the private aviation industry, making it more accessible and efficient for users. This offering is a crucial step in supporting the company's growth trajectory and expanding its capabilities within the competitive landscape of private aviation. The outcome of this initiative will be closely monitored by market participants as Jet.AI continues to pursue its mission of transforming the aviation experience through innovative solutions.

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