Shares of Jet Token, operating under the business name Jet.AI, experienced a significant decline following its merger with Oxbridge Acquisition, a special-purpose acquisition company. The stock plummeted by over 29% to $6.10 per share.
Jet.AI: Pioneer in Private Aviation-Booking and Membership Platform
Jet.AI prides itself on being a cutting-edge private aviation-booking and membership platform. The company is currently developing an innovative app called CharterGPT, alongside other artificial intelligence solutions specially designed for the aviation industry.
Accelerating AI Software Development and Fleet Expansion
Oxbridge Acquisition's merger with Jet.AI, announced in February, was expected to provide the necessary access to capital markets to propel further AI software advancements and facilitate rapid expansion of the company's aircraft fleet.
Remarkable Revenue Growth and Earnings Improvement
According to a recent filing with the U.S. Securities and Exchange Commission, Oxbridge reported that Jet.AI generated revenues of $21.9 million last year—a remarkable increase from $1.1 million in 2021. Moreover, the company successfully narrowed its losses to $7.7 million in 2022, a significant improvement from its $15.8 million loss the previous year.