Oxbridge Acquisition Corp (OXAC) Closes Jet.AI Deal

Oxbridge Acquisition Corp. (NASDAQ: OXAC) announced this afternoon that it has completed its combination with private aviation booking and membership platform Jet.AI, formerly known as Jet Token.

The deal was originally approved by shareholders at a special meeting held on August 7, but post-closing, Jet.AI, is expected to see its shares and warrants trade on the Nasdaq on August 11 under the symbols “JTAI” and “JTAIW”.

As of August 7, redemptions had reduced Oxbridge’s trust to $526,866 across 42,737 shares. But, it recently announced that it would issue up to 1,186,952 shares to Meteora Capital Partners and affiliates who would buy them as a part of a forward purchase agreement.

The parties inked their $73.9 million deal earlier this year in February.  Las Vegas-based Jet.AI 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.