Company: OXBRW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001641172-25-009673
Chunk: 4

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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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.

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 which were then sold for $63,000 during the period ended March 31, 2025.

26

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