Jet AI is back in full compliance with Nasdaq stock market rules after facing possible delisting.
The Nasdaq Stock Market LLC has officially confirmed that Jet AI has regained compliance with the $2.5 million minimum stockholders’ equity requirement and the minimum bid price requirement, according to the private jet flight and software provider.
Jet AI said that no further deficiencies remain outstanding.
Per the press release, as of November 26, 2024, there was approximately $6.8 million in pro-forma shareholders’ equity and $6.1 million in cash and cash equivalents.
The Las Vegas-based provider maintained a minimum closing bid price of $1.00 or more for at least 10 consecutive business days as outlined in the Minimum Bid Price Requirement, achieved between November 12, 2024, and November 25, 2024.
Jet AI will be subject to a Mandatory Panel Monitor for a year from November 26, 2024.
Last week, it announced an order with Textron Aviation for new Citation CJ4s.
At midday, JTAI was trading at $5.53.
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