Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 934

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 6
Chunk 934
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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.

On
March 18, 2024, Oxbridge Re Holdings Limited 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 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.

On
July 12, 2024, SurancePlus completed a private placement. The aggregate amount raised in the Private Placement was $2,878,048 Participation
Shares represented by digital tokens issued under a 3-year Participation Share Investment Contract (for
the issuance of 287,805 of the Participation Shares represented by the digital tokens, of which approximately $1,469,000 was received
from third-party investors and approximately $1,409,000 was received from Oxbridge Re Holdings Limited.

30

Oxbridge
Acquisition Corp.

On
February 28, 2023, the Company announced in a press release that Oxbridge Acquisition filed a Current Report on Form 8-K with the
Securities and Exchange Commission in connection with Oxbridge Acquisition’s