Core Viewpoint - Jet.AI Inc. has announced a share repurchase program authorizing the buyback of up to $2 million of its common stock through December 31, 2025, indicating confidence in its stock valuation and strategic direction [1][4]. Summary by Sections Share Repurchase Program - The company is authorized to repurchase its common stock at its discretion, subject to market conditions, through various methods including open market purchases and block trades [2]. - The program does not obligate the company to buy a specific number of shares and can be modified or suspended at any time [2]. Withdrawal of S-1 Registration Statement - Jet.AI has decided to withdraw its S-1 registration statement for a prospective offering, determining that the terms were not aligned with its current strategic objectives [3]. - The company expects to regain compliance with NASDAQ's listing rule related to stockholders' equity without the offering [3]. Company Overview - Jet.AI operates in two segments: Software and Aviation, with products like the B2C CharterGPT app and the B2B Jet.AI Operator platform aimed at enhancing the private jet booking experience and maximizing efficiency for charter providers [4]. - The company was founded in 2018 and is based in Las Vegas, Nevada, and San Francisco, California, and is an official partner of the Las Vegas Golden Knights [4].
Jet.AI's Board of Directors Authorizes $2 Million Share Repurchase Program and Withdrawal of S-1 Registration Statement