Private aviation company Jet.AI announced that it has regained compliance with both the $2.5m minimum stockholders’ equity and the minimum bid price requirements set by Nasdaq decision regarding the company on August 14, 2024.
The company said it has no outstanding deficiencies to comply with regarding its Nasdaq listing.
Jet.AI, in its release, said that it has nearly $6.8m in pro-forma shareholders’ equity and cash and cash equivalents of $6.1m. Moreover, the company’s stock maintained a minimum closing bid price of $1.00 or more for at least 10 consecutive business days during the period between November 12, 2024, to November 25, 2024.
Earlier on November 18, Jet.AI expressed confidence in regaining compliance with the Nasdaq stock exchange’s minimum stockholders’ equity requirement.
The company’s chairman and CEO, Mike Winston remarked that: “We appreciate the consideration NASDAQ has shown Jet.AI. The company has strong cash ($3.6m) and book equity ($4m) positions, with no debt, roughly 840 thousand shares and good visibility on aircraft deliveries. Today is an important day for Jet.AI in its continued mission to build shareholder value and we thank all those who have contributed to our return to compliance.”
The company was notified in December 2023 that it’s stockholder equity (difference between its assets and liabilities) fell below the previously mandated $10m. This shortfall could have led to delisting from Nasdaq.
