Oxbridge in an 8-K said it entered into an agreement with Meteora funds for a forward purchase agreement covering up to 1,186,952 Class A shares. Meteora is not required to buy more than 9.9% of the SPAC’s shares outstanding, but may go over that limit if it chooses.
The FPA provides for a prepayment shortfall of $1.25 million, provided that Meteora pays half of the shortfall to a counterparty on the prepayment date and the remaining half when the SEC declares the SPAC’s registration statement effective pn the Jet Token deal
The Oxbridge shareholder vote on the deal, originally scheduled for last Friday, is now expected to be held today.
Oxbridge currently holds just over $13 million in trust after raising $115 million in an IPO nearly two years ago.
The Jet Token deal was valued at $45 million when annunced in February. The target is a private aviation booking and membership platform that supports fractional aircraft ownership. Read more.
