Jet.AI Formally Regains Compliance with Nasdaq Stockholders’ Equity Requirement and Minimum Bid Price Requirement
November 27 2024 - 8:30AM
Jet.AI Inc. (“
Jet.AI” or the “
Company”)
(NASDAQ: JTAI), an innovative private aviation and
artificial intelligence company, announced it has officially
received notice from the Nasdaq Stock Market LLC (“Nasdaq”)
confirming it has regained compliance with both the $2.5 million
minimum stockholders’ equity requirement as set forth in Nasdaq
Listing Rule 5550(b)(1) (the “Equity Rule”) and the minimum bid
price requirement as set forth in Nasdaq Listing Rule 5550(a)(2)
(the “Minimum Bid Price Requirement”), as required by the Nasdaq
Hearing Panel’s (“Panel”) decision dated August 14, 2024. No
further deficiencies remain outstanding.
As of November 26, 2024, there was approximately
$6.8 million in pro-forma shareholders’ equity and cash and cash
equivalents of $6.1 million. The Company’s stock maintained a
minimum closing bid price of $1.00 or more for at least 10
consecutive business days as set forth in the Minimum Bid Price
Requirement, which was achieved during the period between November
12, 2024, to November 25, 2024.
Pursuant to Listing Rule 5815(d)(4)(B), the
Company will be subject to a Mandatory Panel Monitor for a period
of one year from November 26, 2024. If, within that one-year
monitoring period, Nasdaq Listing Qualifications staff (“Staff”)
finds the Company again out of compliance with the Equity Rule that
was the subject of the exception, notwithstanding Rule 5810(c)(2),
the Company would not be permitted to provide the Staff with a plan
of compliance with respect to that deficiency and Staff would not
be permitted to grant additional time for the Company to regain
compliance with respect to that deficiency, nor would the Company
be afforded an applicable cure or compliance period pursuant to
Rule 5810(c)(3). Instead, Staff would issue a Delist Determination
Letter and the Company would have an opportunity to request a new
hearing with the initial Panel or a newly convened Hearings Panel
if the initial Panel were unavailable. The Company would have the
opportunity to respond/present to the Hearings Panel as provided by
Listing Rule 5815(d)(4)(C). The Company’s securities could at that
time delisted from Nasdaq.
About Jet.AIJet.AI operates in
two segments, Software and Aviation, respectively. The Software
segment features the B2C CharterGPT app and the B2B Jet.AI Operator
platform. The CharterGPT app uses natural language processing and
machine learning to improve the private jet booking experience. The
Jet.AI operator platform offers a suite of stand-alone software
products to enable FAA Part 135 charter providers to add revenue,
maximize efficiency, and reduce environmental impact. The Aviation
segment features jet aircraft fractions, jet cards, on-fleet
charter, management, and buyer’s brokerage. Jet.AI is an official
partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup®
champions. The Company was founded in 2018 and is based in Las
Vegas, NV and San Francisco, CA.
Forward-Looking StatementsThis
press release contains certain statements that may be deemed to be
“forward-looking statements” within the meaning of the federal
securities laws, including the safe harbor provisions under the
Private Securities Litigation Reform Act of 1995, with respect to
the products and services offered by Jet.AI and the markets in
which it operates, and Jet.AI’s projected future results.
Statements that are not historical are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements relate to future events or our future performance or
future financial condition. These forward-looking statements are
not historical facts, but rather are based on current expectations,
estimates and projections about our Company, our industry, our
beliefs and our assumptions. These forward-looking statements
generally are identified by the words “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions or
the negative of these terms or other similar expressions, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties that could cause the actual
results to differ materially from the expected results. As a
result, caution must be exercised in relying on forward-looking
statements, which speak only as of the date they were made. Factors
that could cause actual results to differ materially from those
expressed or implied in forward-looking statements include risks
relating to agreements with third parties; the Company’s ability to
raise funding in the future, as needed, and the terms of such
funding, including potential dilution caused thereby; the Company’s
ability to maintain the listing of its securities on Nasdaq;
unanticipated difficulties or expenditures relating to the
Company’s business plan; and those risks that can be found in the
Company’s most recent Annual Report on Form 10-K and subsequent
reports filed with the Securities and Exchange Commission. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Jet.AI assumes no obligation and does not intend to
update or revise these forward-looking statements, whether because
of new information, future events, or otherwise, except as provided
by law.
Contacts:Gateway Group,
Inc.949-574-3860Jet.AI@gateway-grp.com
Jet AI (NASDAQ:JTAI)
Historical Stock Chart
From Nov 2024 to Dec 2024
Jet AI (NASDAQ:JTAI)
Historical Stock Chart
From Dec 2023 to Dec 2024