Jet Token, a private aviation booking and membership platform that supports fractional aircraft ownership, plans to merge with Oxbridge Acquisition in a deal with an enterprise value of $45 million. The deal is expected to close in the second quarter, pending approval.
If approved, the company will be renamed Jet.AI and is expected to list on the Nasdaq.
The deal includes additional earnout warrants with a Black Scholes valuation of $60 million. The earnout warrants have a strike price of $15 and a term of 10 years. On that basis, Jet Token shareholders are expected to receive total mixed consideration of $105 million, or 72 cents per share.
Jet Token stockholders will roll 100% of their equity holdings into the combined company and will control 52.6% of the outstanding shares following the deal closing, assuming no redemptions by Oxbridge shareholders.
Maxim Group is serving as sole financial advisor to Oxbridge. Fox Rothschild is legal counsel for Jet Token, and Dykema Gossett is legal counsel for Oxbridge. Read more.
