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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

 

We evaluate all subsequent events and transactions for potential recognition or disclosure in our consolidated financial statements.

 

ATM Facility

 

Subsequent to September 30, 2024, and through the date of issuance of these financial statements, we sold an additional 75,703 ordinary shares under the ATM program for gross proceeds of $199,390, at an average price $2.63 per ordinary share. After deducting commissions related to the ATM offering of $5,982, the net proceeds we received from the transactions were $193,408. We plan to use the proceeds for working capital and general corporate purposes.

 

Jet.AI and Sponsor payments

 

Subsequent to September 30, 2024, and through the date of issuance of these financial statements, the Series A-1 preferred shares held by the Sponsor were redeemed by Jet.AI for an aggregate amount of $675,000. The Sponsor distributed $393,195 to the Company representing the repayment of its extension loan of $284,765, working capital loan of $61,906, and dividend redistribution of $49,524.