Oxbridge Announces Filing of SPAC Business Combination Agreement
28 Fevereiro 2023 - 6:50PM
Oxbridge Re (NASDAQ: OXBR)(the “Company”) today announced that
Oxbridge Acquisition Corp. (NASDAQ: OXAC), a Cayman Islands special
purpose acquisition company, issued a press release and filed a
Current Report on Form 8-K with the Securities and Exchange
Commission (“SEC”) in connection with a Oxbridge Acquisition
business combination with Jet Token Inc. (“Jet”), a Delaware based
company. Upon the closing of the transaction, the combined company
will be named Jet.AI Inc. Jet offers fractional aircraft ownership,
jet card, aircraft brokerage and charter service through its fleet
of private aircraft and those of Jet’s Argus Platinum operating
partner. Jet’s charter app enables travelers to look, book and fly.
The funding and capital markets access from this transaction is
expected to enable Jet to continue its growth strategy of AI
software development and fleet expansion. The business combination
is expected to be completed late in the second quarter of 2023.
The Company’s wholly-owned licensed reinsurance
subsidiary, Oxbridge Reinsurance Limited (“Oxbridge Reinsurance”),
is the lead investor in Oxbridge Acquisition’s sponsor and holds
the equivalent of 1,426,180 Class B shares, which at closing of the
business combination will have a value of $14,261,800. This does
not include the value of the 3,094,999 private placement warrants
that the Company beneficially holds in Oxbridge Acquisition.
“We believe this transaction will unlock
significant value to Oxbridge shareholders”, commented Oxbridge Re
Holdings Limited’s President and Chief Executive Officer Jay
Madhu.
Forward-Looking Statements:
This Press Release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the proposed
initial public offering of Oxbridge Acquisition Corp. and its
management. The statements involve risks and uncertainty. Words
such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and
“project” and other similar words and expressions are intended to
signify forward-looking statements. Forward-looking statements are
not guarantees of future results and conditions but rather are
subject to various risks and uncertainties. Such statements are
based on the Company’s current expectations and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Investors are cautioned that there can be no assurance
actual results or business conditions will not differ materially
from those projected or suggested in such forward-looking
statements as a result of various risks and uncertainties.
Investors should refer to the risks detailed from time to time in
the reports the Company files with the SEC, including the Company’s
Annual Report on Form 10-K for the year ended December 31, 2021, as
well as other filings on Form 10-Q and periodic filings on Form
8-K, for additional factors that could cause actual results to
differ.
About Oxbridge Re Holdings Limited
Oxbridge Re (www.oxbridgere.com) is a Cayman
Islands exempted company that was organized in April 2013 to
provide reinsurance business solutions primarily to property and
casualty insurers in the Gulf Coast region of the United States.
Through Oxbridge Re’s licensed reinsurance subsidiaries, Oxbridge
Reinsurance Limited and Oxbridge RE NS, it writes fully
collateralized policies to cover property losses from specified
catastrophes. Oxbridge Re specializes in underwriting medium
frequency, high severity risks, where it believes sufficient data
exists to analyze effectively the risk/return profile of
reinsurance contracts and it makes investments that can contribute
to the growth of capital and surplus in its licensed reinsurance
subsidiaries over time. The company’s ordinary shares and warrants
trade on the NASDAQ Capital Market under the symbols “OXBR” and
“OXBRW,” respectively.
Company Contact:Oxbridge Re Holdings LimitedJay Madhu,
CEO345-749-7570jmadhu@oxbridgere.com
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