Saturday, June 29, 2024 Jet.AI, a pioneering private aviation and artificial intelligence (“AI”) firm, has announced the initiation of an exchange offer (the “Offer”) and a consent solicitation (the “Consent Solicitation”) for its outstanding (i) redeemable warrants to purchase shares of the Company’s common stock, par value $0.0001 per share (the “common stock”), trading on The Nasdaq Capital Market under the symbol “JTAIW” (the “redeemable warrants”), (ii) merger consideration warrants to purchase shares of common stock, trading under the symbol “JTAIZ” (the “merger consideration warrants”), and (iii) private placement warrants to purchase shares of common stock (the “private placement warrants” and, together with the redeemable warrants and public warrants, the “warrants”).
The objective of the Offer and Consent Solicitation is to streamline the Company’s capital structure and mitigate the potential dilutive effect of the warrants. The Company is extending an offer to all holders of the redeemable warrants and private placement warrants to exchange each of their outstanding warrants for 0.3054 shares of Company common stock.
Similarly, holders of the merger consideration warrants are being offered 1.0133 shares of Company common stock in exchange for each outstanding merger consideration warrant. Simultaneously with the Offer, the Company is seeking consents from holders of the redeemable warrants and private placement warrants t.
