Jet Token set for $40m investment
Vegas-headquartered fractional company Jet Token has announced a $40m investment commitment from Global Emerging Markets (GEM) Global Yield.
The investment will only happen after Jet Token is publically listed. The share subscription facility allows Global Emerging Markets to buy Jet Token common stock worth up to $40m over three years. Jet Token says it will control the timing and amount of the drawdowns under the facility. Jet Token has reserved NASDAQ ticker “PJ” and said it is planning for a public listing but has not yet confirmed when that may happen.
Jet Token was founded in 2018 and took its first delivery in 2021. It sells fractional shares in HondaJet Elite S aircraft, jet cards and has a charter app. The company aims to potentially develop the ‘jet token’ to allow for tokenised payment for private and ultimately even commercial air travel.
“It’s Disney bucks for jets,” Mike Winston, founder and chairman, Jet Token told Corporate Jet Investor (CJI). He said the company “won’t flip the switch” on developing the token unless it receives permission from the Securities and Exchange Commission, but that it’s a long-term goal. He explained how it could work: “Every dollar is a jet token, every jet token is a dollar. That would allow for some interesting things in payment automation and some novel solutions in aviation where barter is taking place, or where transactions can’t happen on the weekends, or where human beings are spending a tremendous amount of time processing what computers could.”
The company told CJI that it currently has over 34,000 investors and is in the middle of a $25m funding round, having previously raised $15m across two crowdfunding rounds. Jet Token is currently looking for more investors with StartEngine.com.