Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 340

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 340
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 shares held by the Sponsor were redeemed by Jet.AI for an aggregate
amount of $675,000. The Sponsor distributed $393,195 to the Company representing the repayment of its extension loan of $284,765, working
capital loan of $61,906, and dividend redistribution of $46,524.

Bridge
Loan with Affiliate

On
September 11, 2023, the Company, along with seven (7) other investors, entered into a binding term sheet (“Bridge Agreement”)
with Jet.AI to provide Jet.AI with an aggregate sum of $500,000 of short-term bridge financing pending its receipt of funds from its
other existing financing arrangements.

The Bridge Agreement provided for
the issuance of Notes in an aggregate principal amount of $625,000, reflecting a 20% original issue discount. The Notes bore interest
at 5% per annum and matured on March 11, 2024.

The Company invested the sum of $100,000 in the Notes and is recorded as “Loan Receivable” on the consolidated
balance sheets at cost at December 31, 2023. On March 11, 2024, the Notes matured and were redeemed by Jet.AI in accordance with the
Bridge Agreement. The Company received an aggregate of $141,000 upon the redemption of the Notes.

ATM
Facility

On
September 30, 2022, the Company entered into an Equity Distribution Agreement (the “Offering Agreement”) with Maxim Group
LLC, as sales agent (the “Sales Agent”), pursuant to which the Company could offer and sell, from time to time, through the
Sales Agent up to $6,300,000 of the Company’s ordinary shares, $0.001 par value (“Ordinary Shares”). The expiration
date of the Offering Agreement is the earlier of (i) the issuance and sale of the Ordinary Shares having an aggregate offering price
equal to $6,300,000, or (ii) the termination of the Offering Agreement by either the Sales Agent or the Company, in each such party’s
sole discretion, upon the provision of thirty (30) days’ written notice. The Company will pay the Sales Agent a commission equal
to 3.0% of the gross proceeds of the Ordinary Shares sold by the Sales Agent pursuant to the Offering Agreement.

Sales
of the Ordinary Shares under the Offering Agreement, if any, may be made in transactions that are deemed to be “at-the-market”
offerings as