Shares of recently debuted Jet.AI Inc. more than doubled after the aviation-booking platform announced its AI-based booking app was available on Apple Inc.’s App Store, with those gains paring to close Friday up more than 60%.
which soared as much as 117% to an intraday high of $8.40 Friday right after the announcement, closed up 64.3% at $6.57, following trade halts due to volatility during the session. Shares declined more than 9% in the extended session following Friday’s close.
More than 5.3 million shares exchanged hands on the session, compared with a 10-day average daily volume of around 356,000 shares, according to FactSet data.
On Friday, Jet.AI said its CharterGPT AI-powered charter-flight booking app was available for Apple
iOS devices, and that a version for users of Alphabet Inc.’s
Android OS will be available “in the coming weeks.”
“Customers now have the power and convenience of an impressive, real-world application of transformative AI technology that is efficient, knowledgeable and fun to use,” Mike Winston, Jet.AI’s founder and chair, said in a statement. “We’re at the vanguard of bringing AI to the aviation industry. Private aviation is a great place to start where we can control more, understand more, establish credibility and scalability before we expand to broader applications in aviation.”
The company said the next iteration of the app, which is due out in September, will incorporate fintech service Stripe Inc. for payments.
The service allows customers to book private jets ranging from lightweight models — like the Citation Mustang from Textron Inc.’s
Cessna unit or Honda Motor Co.’s
HondaJet — up to long-range, heavier models like Bombardier Inc.’s
Challenger 850 or Global 6000.
Jet.AI shares dropped 29% after debuting last Friday on the Nasdaq, after the company combined with blank-check company Oxbridge Acquisitionshares of which began trading in October 2021 at $9.82, according to FactSet data.