As a result of this change, the SPAC has extended the redemption deadline to 5:00 p.m. ET on August 3. At the meeting, stockholders of Oxbridge will be asked to vote on a proposal to approve its business combination with private aviation booking and membership platform Jet Token.
The parties inked their $45 million deal earlier this year in February. Oxbridge has an estimated $12.12 million in its trust after seeing 89.68% redeemed during a vote in November 2022. The SPAC did not supplement this with additional committed financing.
Las Vegas-based Jet Token offers fractional aircraft ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of its Argus Platinum operating partner. Earlier this week, the company announced the launch of its AI-powered charter booking application, CharterGPT, to automate the manual process of booking a private jet.
Upon the closing of the transaction, the combined company will be named Jet.AI Inc. and its securities are expected to be publicly listed on Nasdaq under the ticker symbol “JTAI”.