Jet.AI amends forward purchase agreement; reduces prepayment to $875K, extends valuation date to 2 years

Jet.AI Inc.

Prepayment shortfall reduced from $1.25M to $875K; $625K initial and $250K at Jet.AI's request by Sept 6, 2023.
Upon future shortfall, 75,000 recycled shares released to Seller as additional share consideration.
Shortfall sales covenant now starts on prepayment date or earlier registration request, not on registration effective date.
Valuation date extended from 1 year to 2 years after business combination closing (Aug 10, 2023).
Amendment dated Aug 31, 2023, among Jet.AI, Jet Token, and Meteora entities.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Jet.AI Inc. amended Forward Purchase Agreement Confirmation Amendment with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC valued at $875,000 (effective 2023-08-31).

Action: amendment
Agreement: equity purchase
Counterparty: Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC
Value: $875,000
Effective: 2023-08-31

Exact text from the filing

On August 31, 2023, Jet.AI Inc. (the “Company”) and Meteora Capital Partners, LP (“MCP”), Meteora Select Trading Opportunities Master, LP (“MSTO”), and Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, “Seller”) and Jet Token Inc. entered into an amendment (“Forward Purchase Agreement Confirmation Amendment”) to that certain Forward Purchase Agreement for OTC Equity Prepaid Forward Transactions dated August 6, 2023 by and between the Company and Seller (the “Forward Purchase Agreement”).

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Source: SEC EDGAR

accession 0001493152-23-031477

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