Jet.AI amends forward purchase agreement to allow $300K prepayment from Meteora in exchange for 150K shares

Jet.AI Inc.

Second Amendment permits $300,000 Second Future Shortfall prepayment; 150,000 shares released as additional share consideration.
Total Recycled Shares reduced from 446,518 to 296,518; total Share Consideration increased to 275,000 shares.
Additional Shares held by Seller remain at 548,127 (original 247,000 plus 300,371 from First Amendment).
Request for Second Future Shortfall executed on October 2, 2023; option expires October 4, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Jet.AI Inc. amended Second Amendment with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, Meteora Strategic Capital, LLC valued at $300,000 (effective 2023-10-02).

Action: amendment
Agreement: equity purchase
Counterparty: Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, Meteora Strategic Capital, LLC
Value: $300,000
Effective: 2023-10-02

Exact text from the filing

On October 2, 2023, Jet.AI Inc. (the “Company”) entered into a second amendment (the “Second Amendment”) to its OTC Equity Prepaid Forward Transaction, dated as of August 6, 2023 (as amended from time to time, the “Confirmation) and Forward Purchase Agreement Confirmation Amendment, dated as of August 31, 2023 (the “First Amendment”), by and among (i) Meteora Capital Partners, LP (“ MCP ”), (ii) Meteora Select Trading Opportunities Master, LP (“ MSTO ”), (iii) Meteora Strategic Capital, LLC (“ MSC ”) (with MCP, MSTO and MSC collectively as “ Seller ”), (iv) the Company and (v) Jet Token Inc.

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Source: SEC EDGAR

accession 0001493152-23-036791

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