24/7 Market News Snapshot 13 November, 2024 – Jet.AI Inc. Common Stock (NASDAQ:JTAI)

November 13, 2024

DENVER, Colo., 13 November, 2024 (247marketnews.com) – (NASDAQ:JTAI) are discussed in this article.
Jet.AI Inc. is currently witnessing a significant uptick in its stock performance, with shares recently opening at $6.55 and rising to $7.17, marking a notable increase of approximately 7.98%. The stock closed the prior session at $6.64, showcasing a bullish market sentiment. With a trading volume of 520.17K shares, investor interest appears to be robust, suggesting a potential upward momentum as the price trades above previous close levels. Market observers are advised to watch for resistance at $7.25 and support around $6.64 to understand the stock’s future trajectory.

In a strategic move to enhance shareholder value, Jet.AI has announced the approval of a share repurchase program by its board of directors, allowing the company to buy back up to $2 million of its common stock through December 31, 2025. This initiative demonstrates the company’s confidence in its market position and financial health, as the acquisition of shares will occur at the company’s discretion based on prevailing market conditions. The repurchase program may involve various methods, including transactions under Rule 10b5-1 of the Securities Exchange Act of 1934.

Additionally, the board has chosen to withdraw a previously filed S-1 registration statement after assessing that the terms no longer align with the company’s strategic goals. Mike Winston, Chairman and CEO of Jet.AI, emphasized that this program allows the company to capitalize on favorable market conditions, particularly following a successful exchange of publicly held warrants. Operating in both Software and Aviation sectors, Jet.AI aims to leverage its innovative CharterGPT application to refine the private jet booking process, all while maintaining a commitment to environmental efficiency in aviation.

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