Jet.AI Inc.
(NASDAQ:JTAI) stock tumbled in Friday's premarket session after falling 13.38% in the previous session, as investors continued to take profits following the stock's explosive rally earlier this week.
The stock has remained highly volatile after the company announced a non-binding letter of intent for a proposed $320 million reverse takeover and the planned spin-off of its data center business.
Reverse Takeover Targets $320 Million Combined Valuation .Jet.AI said Wednesday it has signed a non-binding letter of intent (LOI) for a reverse takeover with a privately held operating company valued at about $300 million.
If completed, the combined company would carry an estimated valuation of $320 million.
