Jet.AI announces $2M repurchase program, pulls prospective offering

Jet.AI (JTAI) announced that its board of directors has approved a share repurchase program authorizing the company to repurchase up to $2M of its common stock through December 31, 2025. In connection with this, Jet.AI has decided to withdraw a S-1 registration statement for a prospective offering that the company was previously pursuing. “After careful consideration, the Company determined that the offering terms contemplated within that S-1 were no longer in the best interests of the Company and its stockholders, and are not aligned with the Company’s current strategic objectives and growth plans. Jet.AI expects to return to compliance with the NASDAQ’s listing rule related to stockholders’ equity in the absence of the offering contemplated by theS-1 ,and further expects to file a moot notice with Nasdaq in advance of the November 26th deadline the exchange imposed on the Company to regain compliance,” Jet.AI said in a statement. ADded CEO Mike Winston: “This share repurchase program allows the company to buy shares when we view them as undervalued – particularly in periods of market dislocation. Additionally, because we recently succeeded in exchanging our publicly held warrants for stock to simplify the capital structure – we’re glad to pull this previously contemplated warrant heavy transaction, which is no longer necessary given the company’s position.”