Jet.AI’s Board of Directors Authorizes $2 Million Share Repurchase Program and Withdrawal of S-1 Registration Statement
Jet.AI (NASDAQ: JTAI) announced that its board has authorized a $2 million share repurchase program through December 31st, 2025. The company can buy back shares at its discretion, subject to market conditions and regulations. Simultaneously, Jet.AI is withdrawing its S-1 registration statement for a previously planned offering, determining that the terms were not aligned with current strategic objectives. The company expects to regain compliance with NASDAQ's listing rules related to stockholders' equity and plans to file a moot notice before the November 26th deadline.
Jet.AI (NASDAQ: JTAI) ha annunciato che il suo consiglio di amministrazione ha autorizzato un programma di riacquisto azioni da 2 milioni di dollari fino al 31 dicembre 2025. L'azienda potrà riacquistare azioni a sua discrezione, in base alle condizioni di mercato e alle normative. Allo stesso tempo, Jet.AI sta ritirando la sua dichiarazione di registrazione S-1 per un'offerta precedentemente pianificata, determinando che i termini non erano allineati con gli attuali obiettivi strategici. L'azienda prevede di ripristinare la conformità con le normative di quotazione NASDAQ relative al capitale sociale e intende presentare una notifica di moot prima della scadenza del 26 novembre.
Jet.AI (NASDAQ: JTAI) anunció que su junta ha autorizado un programa de recompra de acciones de 2 millones de dólares hasta el 31 de diciembre de 2025. La empresa podrá recomprar acciones a su discreción, sujeto a las condiciones del mercado y regulaciones. Al mismo tiempo, Jet.AI está retirando su declaración de registro S-1 para una oferta previamente planificada, determinando que los términos no estaban alineados con los actuales objetivos estratégicos. La empresa espera recuperar la conformidad con las normas de cotización de NASDAQ relacionadas con el capital social y planea presentar un aviso de moot antes de la fecha límite del 26 de noviembre.
Jet.AI (NASDAQ: JTAI)는 이사회가 200만 달러의 자사주 매입 프로그램을 2025년 12월 31일까지 승인했다고 발표했습니다. 회사는 시장 상황 및 규제에 따라 자의적으로 주식을 매입할 수 있습니다. 동시에 Jet.AI는 이미 계획된 공모를 위한 S-1 등록 신문을 철회하며, 그 조건이 현재 전략 목표와 일치하지 않는다고 판단했습니다. 회사는 주주 자본과 관련하여 NASDAQ 상장 규정을 준수할 것으로 기대하며 11월 26일 마감일 전에 moot 통지를 제출할 계획입니다.
Jet.AI (NASDAQ: JTAI) a annoncé que son conseil d'administration a autorisé un programme de rachat d'actions de 2 millions de dollars jusqu'au 31 décembre 2025. L'entreprise pourra racheter des actions à sa discrétion, en fonction des conditions du marché et des réglementations. Parallèlement, Jet.AI retire sa déclaration d'enregistrement S-1 pour une offre précédemment prévue, déterminant que les conditions n'étaient pas alignées avec les objectifs stratégiques actuels. L'entreprise s'attend à retrouver une conformité avec les règles de cotation de NASDAQ relatives aux capitaux propres des actionnaires et prévoit de déposer un avis de litige avant la date limite du 26 novembre.
Jet.AI (NASDAQ: JTAI) gab bekannt, dass der Vorstand ein Aktienrückkaufprogramm in Höhe von 2 Millionen Dollar bis zum 31. Dezember 2025 genehmigt hat. Das Unternehmen kann Aktien nach eigenem Ermessen zurückkaufen, abhängig von den Marktbedingungen und Vorschriften. Gleichzeitig zieht Jet.AI seine S-1-Registrierungsanmeldung für ein zuvor geplantes Angebot zurück, da die Bedingungen nicht mit den aktuellen strategischen Zielen übereinstimmten. Das Unternehmen erwartet, die Einhaltung der NASDAQ-Notierungsregeln in Bezug auf das Eigenkapital der Aktionäre wiederzuerlangen und plant, vor der Frist am 26. November eine Überweisung zur Streitigkeit einzureichen.
- Authorization of $2 million share repurchase program through 2025
- Expected return to NASDAQ compliance without need for additional offering
- Successful exchange of public warrants for stock, simplifying capital structure
- Previous need for S-1 registration indicates past financial concerns
- Current NASDAQ listing compliance issues
Insights
The
The buyback represents approximately
LAS VEGAS, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced today that its board of directors has approved a share repurchase program authorizing the Company to repurchase up to
Under the stock repurchase program, the Company may buy back its common stock from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, and federal and state laws governing such transactions, through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, purchases through 10b5-1 trading plans, or by any combination of such methods. The repurchase program does not oblige the Company to acquire any specific number of shares and may be modified, discontinued, or suspended at any time.
In connection with this, Jet.AI has decided to withdraw a S-1 registration statement (SEC File No. 333-281911) for a prospective offering that the Company was previously pursuing. After careful consideration, the Company determined that the offering terms contemplated within that S-1 were no longer in the best interests of the Company and its stockholders, and are not aligned with the Company’s current strategic objectives and growth plans. Jet.AI expects to return to compliance with the NASDAQ’s listing rule related to stockholders’ equity in the absence of the offering contemplated by theS-1 ,and further expects to file a moot notice with Nasdaq in advance of the November 26th deadline the exchange imposed on the Company to regain compliance.
“This share repurchase program allows the company to buy shares when we view them as undervalued – particularly in periods of market dislocation,” said Jet.AI Chairman and CEO Mike Winston. “Additionally, because we recently succeeded in exchanging our publicly held warrants for stock to simplify the capital structure - we’re glad to pull this previously contemplated warrant heavy transaction, which is no longer necessary given the company’s position.”
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.
Forward-Looking Statements
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, , and subsequent reports filed by the Company with the Securities and Exchange Commission, as such factors may be further 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.
949-574-3860
Jet.AI@gateway-grp.com
FAQ
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