Las Vegas aviation firm goes public through $45M SPAC merger
Las Vegas-based aviation firm Jet.AI is now a publicly traded company.
The company’s stock, under the symbol “JTAI,” began trading on the Nasdaq stock exchange Friday morning, with Jet.AI executives ringing the opening bell.
“Today the convergence of AI and aviation paints a portrait of promise and potential,” Michael Winston, executive chairman of Jet.AI, said during the bell ceremony. “This fusion holds the key to a future where air travel is safer, more efficient and environmentally sustainable. Through the marriage of AI’s predictive and generative capabilities we have the opportunity to revolutionize an industry, one that serves passengers, empowers aviation professionals and champions the preservation of our natural resources.”
Jet.AI went public through a merger with Cayman Islands-based special-purpose acquisition company Oxbridge Acquisition Corp., according to a filing with the Securities and Exchange Commission. The deal was valued at $45 million.
Company stock opened at $8.99 a share, peaked at $9.73 and closed at $6.50.
Jet.AI was founded in 2018 under the name Jet Token but changed its name earlier this year. It operates a fleet of private jets as well as software tools for businesses and customers in the private aviation industry. This month, the company plans to unveil CharterGPT, an artificial intelligence powered app that can help people charter private jets through their phone.
Before the public listing Jet.AI had secured 32,000 shareholders through crowdfunding efforts, Winston said.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on Twitter.
