Jet.AI issues 50 Series B preferred shares to Ionic Ventures to waive potential SPA claims

Jet.AI Inc.

Issued 50 Series B Convertible Preferred shares to Ionic Ventures in exchange for waiver of rights under March 2024 SPA.
Ionic agreed not to take action regarding Maxim settlement, warrant exchange, SHC settlement, S-3 filing, and S-1 offering.
Company granted Ionic a release from all claims related to the waived actions.
Series B shares issued in unregistered transaction under Section 4(a)(2) and Rule 506(b).
Company to file Form 8-K by Sep 25, 2024 disclosing issuance and waiver terms.

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