Form 8-K - Current report
24 Octobre 2024 - 11:20PM
Edgar (US Regulatory)
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2024-10-18
2024-10-18
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 18, 2024
Jet.AI
Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware |
|
001-40725 |
|
93-2971741 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
No.) |
|
(I.R.S.
Employer
Identification
No.) |
10845
Griffith Peak Dr.
Suite
200
Las
Vegas, NV 89135
(Address
of Principal Executive Offices)
(702)
747-4000
(Registrant’s
Telephone Number)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
JTAI |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As
previously disclosed, Jet.AI Inc. (the “Company”) received a letter on April 14, 2024, from the Nasdaq Listing Qualifications
Department (“Nasdaq”) notifying the Company that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1), as
the minimum bid price of the Company’s common stock had been below $1.00 per share for 30 consecutive business days (the “Minimum
Bid Price Requirement”). According to that notice, the Company had 180 calendar days, or until October 14, 2024, to regain compliance
with the Minimum Bid Price Requirement. To regain compliance, the minimum bid price of the Company’s Common Stock must meet or
exceed $1.00 per share for a minimum of ten consecutive business days during this 180-calendar day grace period.
On
October 18, 2024 the Company received a letter from Nasdaq, notifying the Company that it had not regained compliance with the Minimum
Bid Price Requirement. The October
18, 2024 notification has no immediate effect on the listing or trading of the Company’s Common Stock on The Nasdaq Capital Market.
The
Panel previously granted the Company until November 26, 2024, to implement the compliance plan the Company presented to Nasdaq and regain
compliance with all Nasdaq listing criteria, including the Minimum Bid Price Requirement. The Company believes it will be able to regain
compliance with the Minimum Bid Price Requirement on or before November 26, 2024. At the Company’s annual meeting of stockholders
held on September 24, 2024, the Company’s stockholders approved a proposal that granted the Company’s Board of Directors
the discretion to amend the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s issued
and outstanding shares of Common Stock at a ratio not less than one-for-two and not greater than one-for-one thousand, with the exact
ratio to be set within that range at the discretion of the Company’s Board of Directors without further approval or authorization
of the Company’s stockholders. In addition, the Company has effected certain transactions, in part, to execute on other components
of its plan to regain compliance with Nasdaq continued listing criteria, including closing upon offerings of the Company’s Common
Stock on each of October 11, 2024 and October 21, 2024.
The
Company believes it will be able to timely regain compliance with Nasdaq’s continued listing requirements, including the Minimum
Bid Price Requirement. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Requirement
or will otherwise be able to regain, and then maintain, compliance with other Nasdaq listing criteria.
Item
9.01. Financial Statements and Exhibits.
Exhibit
No. |
|
Description |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
JET.AI
INC. |
|
|
|
|
By:
|
/s/
Michael Winston |
|
|
Michael
Winston |
|
|
Executive
Chairman and Interim Chief Executive Officer |
|
|
|
Date:
October 24, 2024 |
|
|
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