Company: OXBRW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009673
Chunk: 3

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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27, 2023, we, through
SurancePlus, issued a press release announcing the commencement of an offering by SurancePlus of up to $5.0 million of DeltaCat Re Tokens
with a purchase price of $10.00 per DeltaCat Re Token and representing one share of Series DeltaCat Re Preferred Shares per DeltaCat Re
Token (the “Private Placement”).

On June 27, 2023, SurancePlus
completed the Private Placement. The aggregate amount raised in the Private Placement was $2,447,760 for the issuance of 244,776 DeltaCat
Re Tokens, of which approximately $1,280,000 was received from third-party investors and approximately $1,167,000 was received from Oxbridge
Re Holdings Limited.

On September 11, 2023, the DeltaCat
Re tokens were reclassified as tokenized interests carrying rights equivalent to the DeltaCat Re Preferred Shares in accordance with the
provisions of British Virgin Islands law.

On March 18, 2024, Oxbridge Re
Holdings Limited and its indirectly owned subsidiary SurancePlus Inc. (“SurancePlus”), a
British Virgin Islands Business Company, announced the commencement of an offering by SurancePlus of Participation Shares represented by digital tokens to be issued under a 3-year Participation Share Investment Contract (the “PSIC”). The Participation
Shares are not shares in SurancePlus and shall have no preemptive right or conversion rights. The Participation Shares solely conferred contractual
rights against SurancePlus as contained in the PSIC. The quantity of Participation Shares to be
issued in subsequent years of 2025, and 2026, shall be disclosed prior to their issuances. At the start of the offering, the Participation
Shares were offered at an initial price of $10.00 per Participation Share.

25

The net proceeds from the offer
and sale of the Participation Shares were used by SurancePlus to purchase one or more participating notes of Oxbridge Re NS, an affiliated
Cayman Islands licensed reinsurance entity, and the proceeds from the sale of such participating notes will be invested in collateralized
reinsurance contracts to be underwritten by Oxbridge Re NS. The holders of the Participation Shares will generally be entitled to proceeds
from the payment of the participating notes in the amount of a preferred return equal to the initial Participation Share price, plus 20%,
and then 80% of any proceeds in excess of the amount necessary to pay the preferred return