In September, Advanced Defense Technologies (OTCPK:ADCFD) acquired Star Jets International, effecting a reverse merger with the intentions of bringing Star Jets public. Star Jets is a private jet service with access to over 5,000 private jets in the U.S. and 15,000 worldwide.
Since the acquisition news, Ricky Sitomer replaced Anne Tahim as CEO of Advanced Defense and the company laid out the first steps in the transition, including completing documentation with OTC Markets Group to get stop and yield signs removed and become a "current" pink sheet-listed company.
Sitomer says the plan is to complete audits and other fully reporting requirements to be listed at the OTCQB tier of OTC Markets.
Star Jets also upgraded its payment platform to accept Bitcoin.
Monday was a significant day for the company, with the corporate name change to Star Jets International made official and a ticker change to JETR approved by FINRA. As is typical, Star Jets will trade under the old ticker, only with a "D" added to the end (making it "ADCFD"), for about 20 trading days until JETR is made active.
Sitomer is also cleaning up the share structure, announcing a one-for-100 reverse split today. According to OTC Markets' data, there were 561.78 million outstanding, meaning Star Jets will only have 5.62 million shares outstanding post-consolidation.
Shares have eked ahead 1.33% in Monday trading to $0.0076. That equates to a market cap about $4.3 million. If management continues to do what it says it is going to do, investors will soon get a much more clear look at financials to analyze the fairness of the valuation.