Jet.AI Inc., a NASDAQ-listed business aviation operator and software provider, has signed a firm order for three Cessna Citation Jet 4 Gen2 aircraft with deliveries due in the third and fourth quarter of 2026.
All three aircraft will be acquired directly from Textron Aviation by Galilee, Inc., a subsidiary of Jet.AI. The operator has until May 30, 2025, to provide the exact specifications of the jets.
Jet.AI currently operates its fleet of twenty-five Part 135-certified business jets through the certificate of Great Western Air, dba Cirrus Aviation Services (Las Vegas Harry Reid). It already operates a small Cessna Aircraft Company fleet comprising one Citation Jet 4 Gen2 and one Citation XLS. It also operates two Challenger 300s, three Challenger 604s, three Challenger 850s, one Global Express XRS, two G550s, two HondaJet Elite, four Hawker 900XPs, two Learjet 45XRs, two Learjet 60s, one Learjet 60SE, and one Learjet 60XR.
The company also announced that it would execute a reverse stock split of its shares, issuing one new share for 225 current shares with effect on November 12, 2024. There will be no change in the value of the share and no impact on the company's ownership structure, besides the adjustments necessary due to rounding of the number of shares issued. Jet.AI said that this split will allow it to address the ongoing non-compliance with NASDAQ's minimum bid price requirements of USD1. Jet.AI stock currently trades at USD0.04 per share.
