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LAS VEGAS - Jet.AI Inc. (NASDAQ:JTAI), a provider of high-performance GPU infrastructure and AI cloud services, announced Thursday it has made a capital contribution to AIIA Sponsor Ltd., which serves as the sponsor of AI Infrastructure Acquisition Corp., a special purpose acquisition company (SPAC). According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.9, indicating strong short-term liquidity.
AI Infrastructure Acquisition Corp. filed a Registration Statement on Form S-1 with the Securities and Exchange Commission on August 13 in connection with a proposed initial public offering. The SPAC plans to target transaction opportunities with private technology companies advancing artificial intelligence and machine learning capabilities, as well as those involved in data center infrastructure.
The proposed offering is expected to have a base size of $100 million, or $115 million if underwriters exercise their over-allotment option in full. Maxim Group LLC is acting as sole book-running manager for the initial public offering.
Several of Jet.AI’s executive officers and directors founded and organized the Sponsor entity and serve as officers and/or directors of both AI Infrastructure Acquisition Corp. and the Sponsor.
Jet.AI, founded in 2018 and based in Las Vegas, currently operates in Software and Aviation segments but is transitioning to become a pure-play AI data center company. The company aims to build infrastructure supporting the computational demands of artificial intelligence.
The Registration Statement has been filed with the SEC but has not yet become effective, according to the press release statement. Securities may not be sold nor offers to buy accepted until the Registration Statement becomes effective.
In other recent news, Jet.AI Inc. has entered into a definitive agreement with Consensus Core Technologies to develop a hyperscale data center campus in Midwestern Canada. This initiative is set to capitalize on Canada’s low-cost energy resources and natural cooling benefits, which are expected to meet the increasing demand for AI computing infrastructure. The chosen site is strategically located near a major natural gas pipeline and has access to high-capacity electrical transmission lines. These developments mark a significant step for Jet.AI Inc. as it expands its infrastructure capabilities. The partnership aims to position the company favorably within the burgeoning AI technology sector. Such strategic moves are crucial as the industry continues to grow and evolve. Investors and stakeholders are watching closely as Jet.AI Inc. progresses with this project.
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