Las Vegas-based Jet Token says that it has secured a $40 million investment commitment from Global Emerging Markets (GEM) Global Yield.
Under the share subscription facility, Jet Token will have the right to periodically sell to GEM, a Luxembourg-based private alternative investment group, up to $40 million of common stock during a 36-month term following a public listing of the Jet Token.
Jet Token, which has reserved the ticker “PJ” on the NASDAQ without confirming the public listing of the company, said it will control the timing and amount of the drawdowns under this facility.
Jet Token offers fractional ownership, jet cards and charter service on the HondaJet Elite S. The company aims to revolutionize the private jet industry in a period of record demand, empowering travelers to conveniently book and fly aircraft.
GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 480 transactions in 70 countries.
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