Jet Token Inc. entered into a definitive business combination agreement to acquire Oxbridge Acquisition Corp. from OAC Sponsor Ltd. and others for approximately $110 million in a reverse merger transaction.
The transaction is subject to approval by the stockholders of Jet Token and Oxbridge; all required filings under the HSR Act having been completed and the any waiting period applicable to the consummation of the Transactions under the HSR Act having expired or terminated; the Registration Statement being declared effective and remaining in effect; Shares of combined company being listed on the Nasdaq Capital Market, or another national securities exchange mutually agreed to by the parties, as of the Closing Date; OXAC having at least $5,000,001 of net tangible asset; the period for exercising appraisal rights pursuant to Section 262 of the DGCL shall have lapsed; all members of OXAC's board shall have executed written resignations; OXAC shall have received employment agreements and other customary closing conditions. The transaction has been unanimously approved by the boards of directors of Jet Token and Oxbridge. The proposed business combination is expected to be completed late in the second quarter of 2023.
Maxim Group LLC is serving as sole financial advisor to Oxbridge. Loren D. Danzis, Stephen M. Cohen and Lauren W. Taylor of Fox Rothschild LLP serving as legal counsels for Jet Token, and Kate Bechen of Dykema Gossett PLLC serving as legal counsels for Oxbridge. Mark Zimkind of Continental Stock Transfer & Trust Company acted as transfer agent to Oxbridge. Oxbridge engaged Advantage Proxy to assist in the solicitation of proxies for the extraordinary general meeting. Stanton Park Advisors LLC acted as fairness opinion provider to the board of Oxbridge and will receive a fee of $22,500 in connection with delivery of its Opinion. Dykema Gossett PLLC, Maxim Group LLC and Stanton Park Advisors LLC acted as due diligence providers to Oxbridge.