Company: OXBRW
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001493152-25-021063
Chunk: 110

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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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.

25

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.

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.