Jet.AI Up 18% on Buyback, Withdrawn Securities Offering

Dow Jones11-14

By Josh Beckerman

Shares of Jet.AI rose after it authorized a buyback program for up to $2 million and withdrew a filing for a securities offering.

The stock was up 18% to $7.87 Wednesday and is down about 98% this year.

Jet.AI's software segment includes the CharterGPT app for private jet booking and Jet.AI software products, while its aviation segment's operations include fractional jet ownership and aircraft acquisition and management.

The company said it expects to return to compliance with Nasdaq's listing rule related to stockholders' equity in the absence of the securities offering. Jet.AI said it recently exchanged publicly held warrants for stock to simplify its capital structure and that the contemplated "warrant heavy" offering is no longer necessary given the company's position.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 13, 2024 14:04 ET (19:04 GMT)

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