Jet.AI Inc. (JTAI) shares are sliding again Friday, continuing a pullback after the stock's explosive rally earlier this week. In premarket trading, shares were down about 12.5% to $2.37, following a 13.38% drop in the prior session. Investors appear to be taking profits after a volatile week driven by news of a major corporate restructuring.

The turbulence started Wednesday when Jet.AI disclosed a non-binding letter of intent (LOI) for a reverse takeover with a privately held operating company valued at roughly $300 million. If the deal goes through, the combined company would have an estimated valuation of $320 million. Jet.AI shareholders would receive about $20 million in cash and stock, which works out to roughly $10 per share based on current shares outstanding.

The identity of the mystery company remains under wraps while both sides complete due diligence and hash out definitive agreements. They expect to announce a final deal within 90 days and aim to close before the end of the year.

This isn't Jet.AI's first rodeo. The company recently completed the flyExclusive transaction, which returned about $4.60 per share to shareholders. The new deal could add another $10 per share in value. After the merger, the combined company would keep trading under the JTAI ticker—at least until the counterparty decides to switch to a new symbol.

But there's more. As part of the transaction, Jet.AI plans to spin off its data center joint venture and its beneficial ownership interest in AI Infrastructure Acquisition Corp. (AIIA) into a new publicly traded company. Existing shareholders would get shares in the spin-off through an SEC-registered distribution. The company has already reserved the Nasdaq ticker DCTR for the new entity.

Before anyone gets too excited, it's worth noting that the LOI is non-binding. The whole thing is subject to due diligence, definitive agreements, and approvals from the board, shareholders, and regulators—including Nasdaq listing requirements. Jet.AI was careful to note that there's no guarantee the reverse takeover or spin-off will happen on the terms described, or at all.

For now, the stock is catching its breath after a wild ride. Whether the deals close or not, the market is clearly paying attention.