Jet.AI to regains compliance with Nasdaq listing rules

Jet.AI (JTAI) has regained compliance with the minimum stockholders’ equity requirement as set forth in Nasdaq Listing Rule 5550(b)(1). As previously disclosed, the Company received a letter on December 1, 2023, notifying the Company that its amount of stockholders’ equity had fallen below the $10 million minimum stockholders’ equity requirement. The Company’s stockholders’ deficit as of December 31, 2023, was $(3,963,039). The notification of noncompliance had no immediate effect on the listing or trading of the Company’s Common Stock. Initially, the Company had 180 calendar days, or until May 29, 2024, to regain compliance with the Minimum Equity Requirement. Although the Company did not regain compliance with the Minimum Equity Requirement by May 29, 2024, the Nasdaq Hearings Panel determined to provide the Company until November 26, 2024, to regain compliance with the Minimum Equity Requirement after the Company elected to transfer the listing of its Common Stock to The Nasdaq Capital Market on August 14, 2024. To regain compliance, the minimum stockholders’ equity of the Company must meet or exceed $2.5 million. Since the Nasdaq Hearings Panel provided the Company with an extended time period to regain compliance with the Minimum Equity Requirement, the Company has completed the following transactions listed in the Form 8-K filed on November 18, 2024. As a result of these transactions described in the Form 8-K filed on November 18, 2024, and with approximately $4.0 million in shareholders’ equity and cash and cash equivalents of $3.6 million, the Company believes it has stockholders’ equity above the $2.5 million Minimum Equity Requirement. Therefore, the Company believes it has regained compliance with the Minimum Equity Requirement. As of November 18, 2024, there were 839,733 shares of the Company’s common stock, par value $0.0001, issued and outstanding.