Oxbridge Acquisition Corp (OXAC) Adds FPA to JetToken Deal
by Nicholas Alan Clayton on 2023-08-07 at 8:30am

Oxbridge (NASDAQ: OXAC) announced in an 8-K this morning that it has signed a forward purchase agreement with Meteora Capital Partners and affiliates, who will purchase up to 1,186,952 shares.

These are to be newly issued shares as redemptions have reduced Oxbridge’s trust to $526,866 across 42,737 shares as of August 7. The SPAC’s shareholders are to reconvene an adjourned special meeting to complete its combination with JetToken at 4 pm today.

Meteora is to be paid for each share purchases at the SPAC’s $11.06 redemption price and it will receive at least $1.25 million in cash upfront. It may then sell shares at its leisure, passing proceeds back to the combined company until this $1.25 million in transfers is repaid.

From then on, Meteora may terminate the FPA’s coverage of shares and sell them and will pay the combined company the lowest of the initial price or the stock’s two-week VWAP. This price is also to reset immediately after the combined company launches any dilutive share offerings, and such moves would also proportionately increase the maximum number of shares covered in the FPA.

The FPA is to expire one year after close, or earlier should JetToken be de-listed or have a VWAP below $2 for 20 of 30 trading days. Ten business days after expiration, Meteora is to compensate JetToken for each FPA share still held at the stock’s VWAP the preceding day.

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

Last week, the company announced it launched DynoFlight, a transaction platform allowing aviation businesses to offset their carbon emissions by purchasing carbon removal credits. DynoFlight is expected to go live in September.

Recent Posts
by Kristi Marvin on 2024-06-18 at 2:43pm

When SPACs get frothy, it gets difficult to keep up. However, since Cantor filed two nearly identical SPAC structures on Monday, we’re going to combine them in the interest of time. Both HCM II Acquisition Corp. (NASDAQ: HONDU) and SIM Acquisition Corp I (NASDAQ: SIMAU) filed for $200 million SPAC IPO offerings on Monday, both...

by Kristi Marvin on 2024-06-18 at 11:48am

The mini-SPAC boom grinds on with three more S-1 registration statements filed last night, but only Tavia included something novel in its filing. Tavia Acquisition Corp. filed as a $175 million offering with EarlyBird as its underwriter, after previously filing a Draft Registration Statement in mid-May. That means this deal is slightly closer to pricing...

by Kristi Marvin on 2024-06-18 at 10:13am

Hennessy Capital Investment Corp. VI (NASDAQ:HCVI) has entered into a definitive business combination agreement agreement to acquire Namib Minerals, an African gold producer, developer, and explorer, for an implied pro forma enterprise value of $609 million. Namib’s current producing asset, the How mine, is an established, high-grade, underground gold mine located near Bulawayo, Zimbabwe. Transaction...

by Nicholas Alan Clayton on 2024-06-18 at 8:05am

At the SPAC of Dawn While more SPACs are coming to the public market, at least one more de-SPAC is set to come off of them as a Dutch charging network Allego (NYSE:ALLG) has been informed that its majority shareholder, French investment firm Meridiam, is extending an offer to buy up all of its listed...

by Nicholas Alan Clayton on 2024-06-18 at 7:27am

Flag Ship announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FSHPU”, Tuesday, June 18, 2024. The new SPAC aims to combine with a company valued between $200 million and $400 million with strong growth potential and that could stand to benefit...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved