secwatch.observer — SEC 8-K summary
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Issuer:     Jet.AI Inc. (JTAI)
CIK:        0001861622
Form:       8-K
Filed at:   2024-07-17T23:59:59+00:00
Accession:  0001493152-24-028106
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Jet.AI amends preferred stock conversion price to VWAP, caps conversion at 19.99% until shareholder vote
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- Jet.AI and Maxim Group entered Amendment No. 1 to Settlement Agreement on July 15, 2024.
- Series A Conversion Price changed to 100% of 5-day VWAP preceding conversion, with dilutive-issuance adjustments.
- Conversion is limited to 19.99% of outstanding common shares until Nasdaq-compliant shareholder approval is obtained.
- Amendment also modifies leak-out restrictions on shares Maxim may acquire upon conversion.
- Amended Certificate of Designation filed with Delaware Secretary of State on July 15, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1861622/000149315224028106/0001493152-24-028106-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1861622/000149315224028106/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-028106

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