Jet.AI Announces Pricing of $1.5 Million Registered Direct Offering
19 October 2024 - 5:00AM
Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an
innovative private aviation and artificial intelligence company,
today announced that it has entered into a securities purchase
agreement with certain institutional investors to purchase
approximately 15.6 million shares of common stock in a registered
direct offering at a purchase price of $0.096 per share. The gross
proceeds to the Company from the registered direct offering are
estimated to be approximately $1.5 million before deducting the
placement agent’s fees and other estimated offering expenses
payable by the Company. The offering is expected to close on or
about October 21, 2024, subject to the satisfaction of customary
closing conditions.
Maxim Group LLC is acting as the exclusive
placement agent for the offering.
The shares of common stock are being offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-281578), which was declared effective by the United States
Securities and Exchange Commission ("SEC") on September 9, 2024.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other jurisdiction.
A prospectus supplement relating to the shares of common stock will
be filed by the Company with the SEC. When available, copies of the
prospectus supplement relating to the registered direct offering,
together with the accompanying prospectus, can be obtained at the
SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park
Avenue, New York, NY 10022, at (212) 895-3745.
About Jet.AI
Jet.AI operates in two segments, Software and
Aviation, respectively. The Software segment features the B2C
CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT
app uses natural language processing and machine learning to
improve the private jet booking experience. The Jet.AI operator
platform offers a suite of standalone software products to enable
FAA Part 135 charter providers to add revenue, maximize efficiency,
and reduce environmental impact. The Aviation segment features jet
aircraft fractions, jet card, on-fleet charter, management, and
buyer’s brokerage. Jet.AI is an official partner of the Las Vegas
Golden Knights, 2023 NHL Stanley Cup® champions. The Company was
founded in 2018 and is based in Las Vegas, Nevada and San
Francisco, California.
Safe Harbor Statement
This press release contains certain statements
that may be deemed to be “forward-looking statements” within the
meaning of the federal securities laws, including the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995, with respect to the products and services offered by Jet.AI
and the markets in which it operates, and Jet.AI’s projected future
results. Statements that are not historical are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements relate to future events or our future
performance or future financial condition. These forward-looking
statements are not historical facts, but rather are based on
current expectations, estimates and projections about our Company,
our industry, our beliefs and our assumptions. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions or the negative of these terms or other
similar expressions, but the absence of these words does not mean
that a statement is not forward-looking. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties that could
cause the actual results to differ materially from the expected
results. As a result, caution must be exercised in relying on
forward-looking statements, which speak only as of the date they
were made. Factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements can be found in the Company’s most recent Annual Report
on Form 10-K, Registration Statements, and subsequent reports filed
by the Company with the Securities and Exchange Commission, as such
factors may be updated from time to time in the Company’s periodic
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements.
New risks emerge from time to time. It is not
possible for our management to predict all risks, nor can we assess
the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties, and
assumptions, the forward-looking events and circumstances discussed
in this press release may not occur, and actual results could
differ materially and adversely from those anticipated.
Readers are cautioned not to put undue reliance
on forward-looking statements. Forward-looking statements speak
only as of the date they are made, and Jet.AI assumes no obligation
and does not intend to update or revise these forward-looking
statements, whether because of new information, future events, or
otherwise, except as provided by law.
Contacts:Gateway Group,
Inc.949-574-3860Jet.AI@gateway-grp.com
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