Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 1407

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 10
Chunk 1407
---
, the net proceeds we received from the transactions
were $1,131,063. The proceeds from the ATM sales are being used for general corporate purposes.

Subsequent
to December 31, 2024, we have sold 97,715 ordinary shares under the ATM program for gross proceeds of $448,858 at an average price of
$4.59 per share. After deducting commissions related to the ATM offering of $13,465, the net proceeds we received from the transactions
were $435,393. The proceeds from the ATM sales are being used for general corporate purposes.

WARRANTS

On
January 29, 2024, the Company extended the expiration date of the warrants (NASDAQ: OXBRW) (the “Warrants”) to 5:00 p.m.
Philadelphia time on the earlier to occur of (a) March 26, 2029 and (b) the date fixed for cancellation by the Company following any
20-trading day period in which the Company’s ordinary shares traded above $9.38 per share for at least ten trading days.

There
were 8,230,700 warrants outstanding at December 31, 2024 and 2023. One warrant may be exercised to acquire one ordinary share at an exercise
price equal to $7.50 per share on or before March 26, 2029. The Company at its option may cancel the warrants in whole or in part, provided
that the closing price per ordinary share has exceeded $9.38 for at least ten trading days within any period of twenty consecutive trading
days, including the last trading day of the period. No warrants were exercised during the years ended December 31, 2024 and 2023.

Refer
to Note 17 regarding warrants issued subsequent to the year ended December 31, 2024.

10.
DIVIDENDS

As
of December 31, 2024, none of the Company’s accumulated deficit were restricted from payment of dividends to the company’s
shareholders. However, since most of the Company’s capital and retained earnings may be invested in its subsidiaries, a dividend
from the subsidiaries would likely be required in order to fund a dividend to the Company’s shareholders and would require notification
to the Cayman Islands Monetary Authority (“CIMA”).

Under
Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of
additional paid-in