Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 215

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 16
Chunk 215
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 and its indirect 80% owned subsidiary SurancePlus Inc , 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 and shall have no preemptive right
or conversion rights. The Participation Shares solely conferred contractual rights against SurancePlus as contained in the PSIC. At the
offering’s commencement, up to one million (1,000,000) Participation Shares will be issued, represented by digital tokens labelled
“EpsilonCat Re”. 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 will be offered at an initial price of $10.00 per Participation
Share.

On
July 11, 2024, SurancePlus completed its private placement (the “Private Placement”) of Participation Shares (the “Securities”)
represented by digital tokens issued under a 3-year Participation Share Investment Contract (the “PSIC”). On July 11, 2024,
SurancePlus entered into subscription agreements with accredited investors and non-U.S. persons in the Private Placement with respect
to 287,705 of the Participation Shares represented by the digital tokens, EpsilonCat Re at a purchase price of $10.00 per Participation
Share for aggregate gross proceeds of $2,878,048 of which approximately $1,469,000 was received from third-party investors and approximately
$1,409,000 from Oxbridge Re Holdings Limited. Approximately $312,000 and $299,000 of management fees were deducted from the gross proceeds
from the third-party investors and Oxbridge Re Holdings Limited, respectively, The tokens were issued on the Avalanche blockchain. Ownership
of EpsilonCat Re tokenized Participation Shares indirectly conferred fractionalized interests in reinsurance contracts underwritten by
Oxbridge Re’s reinsurance subsidiary, Oxbridge Re NS, for the 2024-2025 treaty year. The Participation Shares are not shares in
SurancePlus have no preemptive right or conversion rights. The Participation Shares solely conferred contractual rights against SurancePlus
as contained in the PSIC.

Subsequent
to year end, the Company and its indirect 80% owned subsidiary SurancePlus Inc , announced the commencement of an offering by S