Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 259

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 8
Chunk 259
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 2023,
and on August 11, 2023, OXAC common stock and warrants began trading on the Nasdaq Global Market under the new ticker symbols JTAI
and JTAIW.

The
Company’s beneficial interests in Jet. AI’s common stock, public warrants and Series A-1 Preferred Shares are recorded at
fair value and are classified in “Other Investments” on the consolidated balance sheets. The fair value calculation of the
Company’s beneficial interest in Jet.AI’s common stock and public warrants is dependent on the observable trading prices
of JetAI’s common stock and public warrants. The fair value calculation of the Company’s beneficial interest in the Series
A-1 Preferred Share is estimated to be the pro-rata original principal amount of the Preferred Share due to the short-term nature.

The
Sponsor previously held 575 Series A-1 preferred shares with purchase price of $1,000 each, and 2,875,000 ordinary shares along with
4,897,500 warrants. One of the Company’s executive officers is an independent member of Jet.AI’s board. The Company’s
wholly-owned licensed reinsurance subsidiary, Oxbridge Reinsurance Limited (“Oxbridge Reinsurance”), was the lead investor
in the Sponsor and at June 30, 2024, held the equivalent of 1,423,827 of Jet.AI Inc’s common stock (NASDAQ: JTAI) and 3,094,999
of Jet.AI Inc’s warrants (NASDAQ: JTAIW). On July 29, 2024, the Company’s 3,094,999 warrants were converted into 945,211
of Jet.AI’s common stock in accordance with Jet.AI’s Tender Offer Statement (as amended) as filed with the Securities and
Exchange Commission on July 23, 2024. In August 2024, upon the anniversary of Jet.AI’s business combination, the ordinary shares
held by the Sponsor became unrestricted and was distributed pro-rata to the Sponsor’s investors.

During
November 2024, Jet.AI effected a 1:225
reverse stock split, and at December 31, 2024, the Company held 10,549
shares of Jet.AI common stock.

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