Jet.AI on Tuesday withdrew the public offering of its common shares, nearly a month after it filed with the U.S. SEC.
- The company believes that current market conditions are not conducive to an offering.
- It had filed for a public offering of 2 million of its common stock with the U.S. SEC.
- Jet.AI intended to use the net proceeds from the sales of the securities primarily for further development of announced and pending data center projects.
Shares of Jet.AI (JTAI) surged more than 5% on Tuesday after the company announced it had withdrawn the underwritten public offering of its common stock, almost a month after the offering was announced.
The firm stated that current market conditions were not conducive to an offering on terms that would be in the best interests of its stockholders.
It had earlier filed a public offering with the Securities and Exchange Commission, stating it was offering two million shares of its common stock at $2 per share. The firm intended to use the net proceeds from the sales of the securities primarily for its general working capital needs, the further development of announced and pending data center projects, and its ongoing operations in the data center space.
Jet.AI, founded in 2018, is based in Las Vegas and operates in two segments, Software and Aviation, and is transitioning to a pure-play AI data center company.
AI Pivot
Jet.AI last week announced a planned joint venture with Choo Choo Express (CCE) to develop a 50-megawatt data center campus in Moapa, Clark County, Nevada. It expects to commit about $10 million of capital over an anticipated two-year period.
As part of its transition plans, Jet.AI sold its aviation business to flyExclusive (FLYX) earlier this year. As part of the deal, Jet.AI shareholders retained their Jet.AI stock and received new Class A common shares in flyExclusive.
How Did Stocktwits Users React?
Retail sentiment in JTAI trended in ‘bearish’ territory amid ‘extremely high’ message volumes.
Shares in JTAI have fallen more than 84% so far in 2025.
