Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 866

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 5
Chunk 866
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,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 business combination with Jet Token Inc., a
Delaware corporation. Upon the closing of the transaction, the combined company became Jet.AI Inc. Jet.AI offers fractional aircraft
ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of Jet.AI’s Argus
Platinum operating partner. Jet.AI’s charter app enables travelers to look, book and fly. The funding and capital markets
access from this transaction is expected to enable Jet.AI to continue its growth strategy of AI software development and fleet
expansion. The business combination was completed on August 10, 2023.

The
Company’s wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance, was
the lead investor in Oxbridge Acquisition’s sponsor, OAC Sponsor Ltd. (“Sponsor”) and previously held the equivalent of 2,369,038 of Jet.AI common stock (NASDAQ:
JTAI). During November 2024, Jet.AI initiated a 1:225 reverse stock split, resulting the Company holding 10,549 Jet.AI common stock at
December 31, 2024.

Jet.AI
and Sponsor payments

During
the year ended December 31, 2024, the Series A-1 preferred 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%