- The companies removed a closing condition that required Jet.AI to secure a new securities purchase agreement with a third-party investor.
- Jet.AI said financing is no longer necessary as it has sufficient working capital to meet the merger’s minimum cash requirement.
- flyExclusive has also granted Jet.AI the ability to explore additional merger and acquisition opportunities.
Shares of Jet.AI Inc. (JTAI) experienced volatility on Thursday after the company cancelled a previously planned $50 million financing tied to an amended merger agreement with flyExclusive.
JTAI shares climbed more than 6% in early trade before declining 4%. Meanwhile, flyExclusive (FLYX) shares were little changed at the time of writing.
Details Of The Amended Agreement
Under the revised terms, the companies removed a closing condition that required Jet.AI to secure a new securities purchase agreement with a third-party investor. The previously planned arrangement included a warrant for up to $50 million in preferred stock.
Jet.AI said the financing is no longer necessary, as it now has sufficient positive net working capital to meet the merger’s minimum cash requirement, and confirmed that it has no preferred stock outstanding. The parties mutually agreed to scrap the financing plan.
Additionally, flyExclusive has granted Jet.AI the ability to explore additional merger and acquisition opportunities, provided any such deals are completed only after the flyExclusive merger closes.
In February 2025, flyExclusive signed an agreement to acquire Jet.AI’s aviation business in an all-stock deal. The companies initially planned to close the transaction in the second quarter of 2025, but extended the outside closing date to Dec. 31, 2025. Last month, the companies further extended the outside date to April 30, 2026, with closing expected in the first quarter of 2026.
How Did Stocktwits Users React?
Retail sentiment on Stocktwits has remained ‘bullish’ over the past 24 hours.
Despite the drop, one user sees “decent upside.”
JTAI shares have been under intense selling pressure so far this year, with the stock down around 78%.
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