Jet.AI exchanges 807,851 public warrants for common stock in warrant exchange agreement

Jet.AI Inc.

Exchanged 807,851 public warrants (exercise price $11.50) for 807,851 shares of common stock.
Transaction closed December 28, 2023 with an unaffiliated third-party investor.
Shares issued without restrictive legends under Section 3(a)(9) of the Securities Act.
The exchange was authorized by the board and does not require shareholder approval.
Reduces outstanding public warrants, potentially lowering future dilution from warrant exercises.

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. entered into Warrant Exchange Agreement with unaffiliated third party investor valued at Issuance of 807,851 shares of Common Stock in exchange for surrender and cancellation of Public Warr (effective 2023-12-28).

Action: entry
Counterparty: unaffiliated third party investor
Value: Issuance of 807,851 shares of Common Stock in exchange for surrender and cancellation of Public Warr
Effective: 2023-12-28

Exact text from the filing

On December 28, 2023, Jet.AI Inc., a Delaware corporation (the “Company”), entered into a Warrant Exchange Agreement (the “Warrant Exchange Agreement”) with an unaffiliated third party investor (the “Warrant Holder”) with respect to warrants to purchase an aggregate of 807,851 shares of its common stock, par value $0.0001 per share (the “Common Stock”) initially issued by the Company in its initial public offering on August 16, 2021 (the “Public Warrants”).

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Jet.AI Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-000148

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