Jet.AI (JTAI) Prices 26.6M Share Offering at $0.09/sh

Jet.AI Inc. (NASDAQ: JTAI) today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase approximately 26.6 million shares of common stock in a registered direct offering at a purchase price of $0.09 per share. The gross proceeds to the Company from the registered direct offering are estimated to be approximately $2.4 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about October 11, 2024, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the exclusive placement agent for the offering.

The shares of common stock are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-281578), which was declared effective by the United States Securities and Exchange Commission ("SEC") on September 9, 2024.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. A prospectus supplement relating to the shares of common stock will be filed by the Company with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, at (212) 895-3745.

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