Jet.AI Orders Three Citation Jets and Announces Reverse Stock Split
Jet.AI Inc., a NASDAQ-listed business aviation operator and software provider, has secured a firm order for three Cessna Citation Jet 4 Gen2 aircraft, with deliveries scheduled for the third and fourth quarters of 2026. The aircraft will be acquired through Galilee, Inc., a subsidiary of Jet.AI, directly from Textron Aviation. The company has until May 30, 2025, to provide the exact specifications for the jets.
Currently, Jet.AI operates a fleet of twenty-five Part 135-certified business jets under the certificate of Great Western Air, operating as Cirrus Aviation Services out of Las Vegas Harry Reid Airport. The fleet includes a variety of aircraft such as one Citation Jet 4 Gen2, one Citation XLS, two Challenger 300s, three Challenger 604s, three Challenger 850s, one Global Express XRS, two G550s, two HondaJet Elite, four Hawker 900XPs, and several Learjet models.
In addition to the fleet update, Jet.AI announced a reverse stock split of its shares, effective November 12, 2024. The company will issue one new share for every 225 current shares. This move is aimed at addressing Jet.AI’s non-compliance with NASDAQ’s minimum bid price requirement of USD1 per share, as the company’s stock currently trades at USD0.04 per share. The reverse split will not affect the value of the shares or the company’s ownership structure, aside from adjustments for rounding of shares issued.
The new Cessna Citation Jet 4 Gen2 aircraft will further expand Jet.AI’s fleet, reinforcing its position in the business aviation market as it continues to provide premium services.
Related News : https://airguide.info/?s=Cessna+CJ4+Citation
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com