Flyte Aviation, Inc. (VJET) said certain existing investors agreed to purchase 2,050 shares of Series C-4 Convertible Preferred Stock for aggregate gross proceeds of $2.05 million. Closing is expected on or about October 13, 2026, subject to customary closing conditions. At a $1.00 conversion price, holders may convert the preferred shares into up to 2,050,000 common shares, subject to a 4.99% beneficial ownership limit, which a holder may increase to up to 9.99% upon 61 days’ notice.
Flyte reduced the conversion price of outstanding Series C-1 through C-4 and Series D preferred stock from $2.30 to $1.00 per share and waived the applicable floor price as necessary. The Series J preferred conversion price was also reduced to $1.00; the related designation amendment had been approved by stockholders on September 30, 2026. The C-4 preferred shares and common shares issuable upon conversion are unregistered restricted securities, and additional Series J common shares resulting from the repricing are also unregistered. A 1-for-10 reverse stock split took effect October 5, 2026.