Jet.AI Inc. (NASDAQ:JTAI), a company specializing in non-scheduled air transportation, announced a significant amendment to its bylaws affecting shareholder meetings. On Monday, the Board of Directors approved a change stipulating that one-third of the voting power of all shares entitled to vote will now constitute a quorum. This adjustment, which took effect on the same day, modifies the threshold required for shareholder decisions.
The decision to amend the bylaws, as disclosed in the company's recent 8-K filing with the SEC, reflects a governance change for the Delaware-incorporated company. Previously, the quorum requirement for Jet.AI's shareholder meetings had not been publicly detailed. The new quorum provision could potentially facilitate decision-making by allowing meetings and voting to proceed with a lesser number of represented shares.
Jet.AI, formerly known as Oxbridge Acquisition Corp., operates out of Las Vegas, NV, and is listed under the Energy & Transportation sector. The company also holds listings for its common stock and warrants on The Nasdaq Stock Market under the symbols JTAI, JTAIW, and JTAIZ, respectively.
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