Jet.AI Inc. (NASDAQ:JTAI), a company specializing in non-scheduled air transportation, announced significant corporate developments following its Annual Meeting of Stockholders on Monday. The company, formerly known as Oxbridge Acquisition Corp., received stockholder approval for a series of proposals that included amending its Omnibus Incentive Plan and increasing its authorized shares of common stock.
The approved 2023 Amended and Restated Omnibus Incentive Plan establishes a fixed number of shares available for issuance at 2,460,000 shares, removing the automatic share replenishment feature. This move is aimed at creating a more predictable and transparent structure for the company's incentive plan. Details of the plan were outlined in the Proxy Statement filed on August 5, 2024.
Additionally, stockholders voted in favor of increasing Jet.AI's authorized shares of common stock to 200 million shares. This amendment, filed with the Delaware Secretary of State on July 25, 2024, is now effective, paving the way for potential future growth and financing opportunities.
During the Annual Meeting, stockholders also ratified the appointment of Hacker Johnson & Smith PA as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
Furthermore, two Class I directors, Lt. Col. Ran David and Donald Jeffrey Woods, were elected to serve on the company's board until the 2027 annual meeting of stockholders.
Other proposals that received approval included the potential issuance of securities to Ionic Ventures, LLC and Maxim Group LLC, which could result in the issuance of shares exceeding 20% of the company's outstanding common stock at a price below the minimum as defined by Nasdaq Listing Rule 5635(d).
Lastly, stockholders granted the Board of Directors the discretion to effect a reverse stock split at a ratio not less than one-for-two and not greater than one-for-one thousand, with the exact ratio to be set by the Board without further stockholder approval.
These corporate actions reflect Jet.AI's strategic initiatives to position itself for future growth and to incentivize performance through a revised stock plan. The information provided in this article is based on a press release statement.
In other recent news, Jet.AI has made several strategic moves. The air transportation company announced an agreement with Ionic Ventures, where Ionic committed to refrain from enforcing legal rights under a previous Securities Purchase Agreement. In return, Jet.AI issued Ionic 50 shares of its Series B Convertible Preferred Stock. This agreement was part of Jet.AI's ongoing financial strategies.
Jet.AI also unveiled the beta release of the web version of its JetLeg.AI app, which aims to repurpose empty private flights into cost-effective charters. The company is also preparing to launch the second version of its flagship AI solution, CharterGPT, in Q4 2024.
The company has settled with Sunpeak Holdings Corporation, issuing equity and resolving outstanding claims. In exchange for approximately $2.4 million in claims against designated vendors of Jet.AI, Sunpeak Holdings will receive shares of Jet.AI common stock.
Jet.AI secured a substantial $280 million debt financing arrangement for the acquisition of Bombardier (OTC:BDRBF) Challenger 3500 aircraft, a strategic move for their fleet expansion. Deliveries of these aircraft are expected to commence in 2026.
Finally, the company announced amendments to its corporate agreements and securities, affecting shareholder rights and the conversion price of its preferred stock. These changes include "leak-out" restrictions to prevent market disruptions and protect existing shareholders.
Additionally, Jet.AI revised the quorum requirement for shareholder meetings, with one-third of the voting power of all shares entitled to vote now constituting a quorum. These are among the recent developments from Jet.AI Inc.
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