Core Viewpoint - Jet.AI Inc. has initiated an exchange offer and consent solicitation to simplify its capital structure and mitigate the potential dilutive impact of its outstanding warrants [19]. Group 1: Exchange Offer and Consent Solicitation - The Company is offering holders of redeemable warrants and private placement warrants the opportunity to exchange each warrant for 0.2749 shares of common stock, which is 10% less than the exchange ratio applicable to the Offer [1]. - Holders of merger consideration warrants are offered the chance to exchange each warrant for 0.9120 shares of common stock, also at a 10% reduction from the applicable exchange ratio [1]. - The Offer and Consent Solicitation will expire at 11:59 p.m. Eastern Time on July 25, 2024, unless extended by the Company [8]. Group 2: Company Overview - Jet.AI operates in two segments: Software and Aviation, with products including the B2C CharterGPT app and the B2B Jet.AI Operator platform [9]. - The Company was founded in 2018 and is based in Las Vegas, NV, and San Francisco, CA [9]. - As of June 26, 2024, Jet.AI has 12,755,144 shares of common stock outstanding, along with 9,859,220 redeemable warrants, 7,433,405 merger consideration warrants, and 5,760,000 private placement warrants [12].
Jet.AI Announces Commencement of Exchange Offer and Consent Solicitation Relating to Warrants