Ricky Sitomer’s Star Jets International wants to move from its over-the-counter listing and is seeking to raise $12 million.
In a filing yesterday with the Securities & Exchange Commission, Star Jets International said it plans to list its common stock on the Nasdaq Capital Market under the symbol JETR.
The New York-based private jet charter and jet card broker cautioned if its listing application is not approved, it will not proceed with the offering.
Its common stock is currently quoted on the OTC Pink Current Information Marketplace operated by OTC Markets Group Inc. under the same trading symbol.
According to Seeking Alpha, Star Jets plans to conduct a reverse stock split of between 1-for-6 and 1-for-25 ahead of the offering.
If successful, it will raise around $12 million.
The net proceeds will be used for acquisitions of aviation companies or private planes, repayment of the debt, payment of outstanding excise taxes, including interest and penalties, working capital, and other general corporate purposes.
On January 19, 2023, the stock was trading at $0.12 after giving the effect of a reverse stock split.
The assumed offering price per share is $4.00, according to the filing.
Star Jets had sales of $13.2 million through the first nine months of 2022, a $5.2 million year-over-year gain.
However, the operating loss grew from $211,694 to $528,897.
According to the filing, Star Jets has yet to turn a profit since launching in 2017.
Ricky Sitomer, the CEO and Founder, was the co-founder of Blue Star Jets, a broker which took its name from the movie Wall Street, which was later acquired by Apollo Jets.
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