Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 140

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 14
Chunk 140
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Notes
to Consolidated Financial Statements, Continued

The
net proceeds to the Company from the Offering, after deducting the fees of Maxim Group LLC (the “Placement Agent”) and the
Company’s estimated offering expenses, are expected to be approximately $2.7 million.

The
ordinary shares were being offered and sold pursuant to the Company’s Registration Statement on Form S-3 (Registration No. 333-262590)
previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective, the base prospectus included
therein and the related prospectus supplement. The Warrants were issued in a private placement and were exempt from registration under
the Securities Act of 1933, as amended (the “Securities Act”), in reliance on Section 4(a)(2) thereof as a transaction not
involving a public offering and/or Rule 506 of Regulation D promulgated thereunder. The Company has agreed to file a registration statement
providing for the resale by the Investors of the ordinary shares issuable upon exercise of the Warrants within 60 days of the date of
the Securities Purchase Agreement.

The
Company has agreed to hold an annual or special meeting on or before June 30, 2025, to have shareholders approve the issuance of the
ordinary shares underlying the Series B Warrants at the combined effective offering price of $4.25 pursuant to applicable Nasdaq rules.

The
Company paid the Placement Agent a cash fee of 6.0% of the gross proceeds from the Offering and reimburse the Placement Agent for its
expenses, including the reimbursement of legal fees up to an aggregate of $45,000.

Launch
of Tokenized Securities

On
February 26, 2025, the Company and its indirect 80%-owned subsidiary SurancePlus Inc. (“SurancePlus”), a British Virgin Islands
Business Company, announced the commencement of an offering by SurancePlus of Participation Shares (the “Securities”) 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 (or the Company) and shall have no preemptive right or conversion rights. The Participation Shares solely
confer contractual rights against SurancePlus as contained in the PSIC. At the offering’s commencement, up to an aggregate of one
million (1,000,000) Participation Shares will be issued, represented by digital tokens labelled “ZetaCat