Jet.AI Inc. entered into Amendment No. 4 to its Merger Agreement with flyExclusive, eliminating a $50 million warrant financing condition and allowing the Company to explore post-closing strategic transactions. The Company also received a Nasdaq notice for non-compliance with the minimum bid price requirement, with a compliance deadline of August 5, 2026.
Key takeaways
Amendment No. 4 to the Merger Agreement was executed on February 11, 2026, eliminating the closing condition requiring a $50 million warrant financing arrangement.
The Company confirmed it has sufficient positive net working capital to satisfy the minimum cash closing condition without the eliminated financing.
The Amendment allows Jet.AI to explore and negotiate potential post-closing strategic transactions, provided they are conditioned upon and consummated after the Merger closing.
On February 6, 2026, Jet.AI received a Nasdaq notice for non-compliance with the Minimum Bid Price Requirement as its stock price remained below $1.00 for 30 consecutive business days.
The Company has until August 5, 2026, to regain compliance by maintaining a minimum bid price of $1.00 or more for ten consecutive business days.
The Company may consider implementing a reverse stock split, previously approved by stockholders at its 2025 annual meeting, to regain compliance if necessary.