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.
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...