Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 655

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 2
Chunk 655
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 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.

On
July 12, 2024, SurancePlus completed a private placement. The aggregate amount raised in the Private Placement was $2,878,048 Participation
Shares represented by digital tokens issued under a 3-year Participation Share Investment Contract (for
the issuance of 287,805 of the Participation Shares represented by the digital tokens, of which approximately $1,469,000 was received
from third-party investors and approximately $1,409,000 was received from Oxbridge Re Holdings Limited.

30

Oxbridge
Acquisition Corp.

On
February 28, 2023, the Company announced in a press release that Oxbridge Acquisition filed a Current Report on Form 8-K with the
Securities and Exchange Commission in connection with Oxbridge Acquisition’s business combination with Jet Token Inc., a
Delaware corporation. Upon the closing of the transaction, the combined company became Jet.AI Inc. Jet.AI offers fractional aircraft
ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of Jet.AI’s Argus
Platinum operating partner. Jet.AI’s charter app enables travelers to look, book and fly. The funding and capital markets
access from this transaction is expected to enable Jet.AI to continue its growth strategy of AI software development and fleet
expansion. The business combination was completed on August 10, 2023.

The
Company’s wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance, was
the lead investor in Oxbridge Acquisition’s sponsor, OAC Sponsor Ltd. (“Sponsor”) and previously held the equivalent of 2,369,038 of Jet.AI common stock (NASDAQ:
JTAI). During November 2024, Jet.AI initiated a 1:225 reverse stock split, resulting the Company holding 10,549 Jet.AI common stock at
December 31, 2024.

Jet.AI
and Sponsor payments

During
the year ended December 31, 2024, the Series A-1 preferred