Ionic group holds 9.9% of Jet.AI (JTAI) common stock

Rhea-AI Filing Summary

Ionic Ventures and affiliates report a 9.9% stake in Jet.AI Inc. The group, including Ionic Ventures LLC, Ionic Management LLC, Brendan O’Neil and Keith Coulston, is deemed to beneficially own 425,888 shares of Jet.AI common stock.

The position consists of 400,000 shares of common stock and up to 25,888 additional shares issuable from 300 shares of Series B preferred stock, subject to a 9.99% beneficial ownership “Blocker.” The 9.9% ownership is calculated against 4,237,256 Jet.AI common shares outstanding as of November 28, 2025, as disclosed in a Form S‑1. The filers certify the securities are not held to change or influence control of Jet.AI.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Jet.AI Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

47714H308

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 47714H308

1

Names of Reporting Persons

Ionic Ventures, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 425,888.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 425,888.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

425,888.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 4 to Statement on Schedule 13G (this ''Amendment No. 4''), such shares percentage are based on 4,237,256 shares of the common stock, par value $0.0001 per share, of the issuer (the ''Common Stock''), outstanding as of November 28, 2025, as disclosed in the issuer's Registration Statement on Form S-1 (File No. 333-291871), filed by the issuer with the U.S. Securities and Exchange Commission (the ''SEC'') on December 1, 2025 (the ''Registration Statement''). Ownership consists of 400,000 shares of Common Stock and up to 25,888 shares of Common Stock issuable upon conversion of 300 shares of Series B Convertible Preferred Stock, par value $0.0001 per share, of the issuer (the ''Preferred Stock'') held directly by the reporting person, further conversions of which are subject to a 9.99% beneficial ownership limitation provision (the ''Blocker'') contained in the issuer's Certificate of Designations of the Preferred Stock, as amended (the ''Certificate of Designations'').

SCHEDULE 13G

CUSIP No. 47714H308

1

Names of Reporting Persons

Ionic Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 425,888.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 425,888.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

425,888.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 4, such shares and percentage are based on 4,237,256 shares of Common Stock outstanding as of November 28, 2025, as disclosed in the Registration Statement. Ownership consists of 400,000 shares of Common Stock and up to 25,888 shares of Common Stock issuable upon conversion of 300 shares of Preferred Stock held indirectly by the reporting person, further conversions of which are subject to the Blocker contained in the Certificate of Designations.

SCHEDULE 13G

CUSIP No. 47714H308

1

Names of Reporting Persons

Brendan O'Neil

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 425,888.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 425,888.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

425,888.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 4, such shares and percentage are based on 4,237,256 shares of Common Stock outstanding as of November 28, 2025, as disclosed in the Registration Statement. Ownership consists of 400,000 shares of Common Stock and up to 25,888 shares of Common Stock issuable upon conversion of 300 shares of Preferred Stock held indirectly by the reporting person, further conversions of which are subject to the Blocker contained in the Certificate of Designations.

SCHEDULE 13G

CUSIP No. 47714H308

1

Names of Reporting Persons

Keith Coulston

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 425,888.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 425,888.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

425,888.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: As more fully described in Item 4 of this Amendment No. 4, such shares and percentage are based on 4,237,256 shares of Common Stock outstanding as of November 28, 2025, as disclosed in the Registration Statement. Ownership consists of 400,000 shares of Common Stock and up to 25,888 shares of Common Stock issuable upon conversion of 300 shares of Preferred Stock held indirectly by the reporting person, further conversions of which are subject to the Blocker contained in the Certificate of Designations.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Jet.AI Inc.
(b)	Address of issuer's principal executive offices: 10845 Griffith Peak Dr., Suite 200, Las Vegas, Nevada 89135
Item 2.
(a)	Name of person filing: (i) Ionic Ventures LLC, a California limited liability company ("Ionic"); (ii) Ionic Management, LLC, a Delaware limited liability company ("Ionic Management"); (iii) Brendan O'Neil ("Mr. O'Neil"); and (iv) Keith Coulston ("Mr. Coulston"). The foregoing persons are hereinafter collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to the Statement on Schedule 13G filed by the Reporting Persons with the SEC on February 21, 2025 (the "Schedule 13G"), as amended by Amendment No. 1 to Schedule 13G filed by the Reporting Persons with the SEC on May 15, 2025 (the "Amendment No. 1"), as amended by Amendment No. 2 to Schedule 13G filed by the Reporting Persons with the SEC on August 13, 2025 ("Amendment No. 2") and Amendment No. 3 to Schedule 13G filed by the Reporting Persons with the SEC on November 14, 2025 ("Amendment No. 3" and, together with Amendment No. 1 and Amendment No. 2, the "Amendments") pursuant to which such Reporting Persons have agreed to file this Amendment No. 4 and all subsequent amendments to the Schedule 13G and the Amendments jointly in accordance with the provisions of Rule 13d-1(k) of the Act. The filing of this Amendment No. 4 should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 3053 Fillmore St, Suite 256, San Francisco, CA 94123.
(c)	Citizenship: Ionic is a limited liability company organized under the laws of the State of California. Ionic Management is a limited liability company organized under the laws of the State of Delaware. Each of Mr. O'Neil and Mr. Coulston is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 47714H308
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: This Amendment No. 4 amends and supplements the Schedule 13G and the Amendments. The purpose of this Amendment No. 4 is to update the beneficial ownership information on the cover pages and in Item 4 in each of the Schedule 13G and the Amendments. The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Amendment No. 4 and is incorporated herein by reference for each such Reporting Person. The ownership percentages reported are based on 4,237,256 shares of Common Stock outstanding as of November 28, 2025, as disclosed in the Registration Statement. Ionic holds 400,000 shares of Common Stock and 300 shares of Preferred Stock, conversions of which are subject to the Blocker contained in the Certificate of Designations, assuming a conversion price of $1.63 per share, which Blocker provides that Ionic is prohibited from converting all such shares of Preferred Stock held into shares of Common Stock if, as a result of such conversion, Ionic, together with its affiliates and any persons acting as a group together with Ionic or any of such affiliates, would beneficially own more than 9.99% of the total number of shares of Common Stock then issued and outstanding immediately after giving effect to such conversion. Consequently, Ionic is the beneficial owner of 425,888 shares of Common Stock (the "Shares"). Ionic has the power to dispose of and the power to vote the Shares beneficially owned by it, which power may be exercised by its manager, Ionic Management. Each of the managers of Ionic Management, Mr. O'Neil and Mr. Coulston, has shared power to vote and/or dispose of the Shares beneficially owned by Ionic and Ionic Management. Neither Mr. O'Neil nor Mr. Coulston directly owns the Shares. By reason of the provisions of Rule 13d-3 of the Act, each of Mr. O'Neil and Mr. Coulston may be deemed to beneficially own the Shares which are beneficially owned by each of Ionic and Ionic Management, and Ionic Management may be deemed to beneficially own the Shares which are beneficially owned by Ionic.
(b)	Percent of class: 9.99 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (A) Ionic: 0.00 (B) Ionic Management: 0.00 (C) Mr. Coulston: 0.00 (D) Mr. O'Neil: 0.00
	(ii) Shared power to vote or to direct the vote: (A) Ionic: 425,888.00 (B) Ionic Management: 425,888.00 (C) Mr. Coulston: 425,888.00 (D) Mr. O'Neil: 425,888.00
	(iii) Sole power to dispose or to direct the disposition of: (A) Ionic: 0.00 (B) Ionic Management: 0.00 (C) Mr. Coulston: 0.00 (D) Mr. O'Neil: 0.00
	(iv) Shared power to dispose or to direct the disposition of: (A) Ionic: 425,888.00 (B) Ionic Management: 425,888.00 (C) Mr. Coulston: 425,888.00 (D) Mr. O'Neil: 425,888.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 1 filed with the Schedule 13G.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ionic Ventures, LLC

Signature:	/s/ Ionic Ventures, LLC
Name/Title:	Keith Coulston, Manager of Ionic Management, LLC, Manager of Ionic Ventures, LLC
Date:	02/04/2026

Ionic Management, LLC

Signature:	/s/ Ionic Management, LLC
Name/Title:	Keith Coulston, Manager
Date:	02/04/2026

Brendan O'Neil

Signature:	/s/ Brendan O'Neil
Name/Title:	Brendan O'Neil
Date:	02/04/2026

Keith Coulston

Signature:	/s/ Keith Coulston
Name/Title:	Keith Coulston
Date:	02/04/2026

Comments accompanying signature: LIST OF EXHIBITS Exhibit No. 1 - Joint Filing Agreement, dated February 21, 2025 (incorporated by reference to Exhibit 1 to the Schedule 13G filed by the Reporting Persons with the SEC on February 21, 2025).

FAQ

What ownership stake in Jet.AI (JTAI) does Ionic report in this Schedule 13G/A?

Ionic Ventures, Ionic Management, Brendan O’Neil and Keith Coulston report beneficial ownership of 425,888 Jet.AI common shares, representing 9.9% of the outstanding class. This percentage is based on 4,237,256 shares outstanding as of November 28, 2025.

How is Ionic’s 425,888-share Jet.AI (JTAI) position structured?

The reported 425,888 Jet.AI shares include 400,000 common shares plus up to 25,888 common shares issuable from 300 shares of Series B preferred stock. Further preferred conversions are restricted by a 9.99% beneficial ownership limitation, known as the Blocker.

Who are the reporting persons in the Jet.AI (JTAI) Schedule 13G/A Amendment No. 4?

The filing lists Ionic Ventures LLC, Ionic Management LLC, Brendan O’Neil, and Keith Coulston as reporting persons. Ionic holds the securities, Ionic Management acts as manager, and O’Neil and Coulston are managers of Ionic Management sharing voting and dispositive power.

How is the 9.9% Jet.AI (JTAI) ownership percentage calculated in this filing?

The 9.9% figure uses 4,237,256 Jet.AI common shares outstanding as of November 28, 2025, as disclosed in Jet.AI’s Form S‑1. The 425,888 shares beneficially owned are divided by that outstanding share count to determine the percentage.

What is the 9.99% beneficial ownership Blocker mentioned for Jet.AI (JTAI) preferred stock?

The Blocker in Jet.AI’s Series B preferred terms prevents Ionic from converting preferred shares if, after conversion, it would beneficially own more than 9.99% of Jet.AI’s common stock. This cap limits additional conversions that would push ownership above that threshold.

Does Ionic seek to influence control of Jet.AI (JTAI) through this 9.9% stake?

The reporting persons certify the Jet.AI securities were not acquired and are not held for the purpose or effect of changing or influencing control of Jet.AI, other than activities solely related to a nomination under Rule 14a‑11.