Oxbridge Acquisition and Jet Token announced completion of their business combination. Jet Token Founder and Chairman Mike Winston was scheduled to ring the Nasdaq opening bell today.
Stock, warrants and merger consideration warrants of Jet.AI, as the company is now known, will trade on the Nasdaq under the symbols JTAI, JTAIW and JTAIZ.
Redemptions as of this week had slashed the Oxbridge trust to $526,866. However, the SPAC has a forward purchase agreement with Meteora funds 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 deal was announced in February at an enterprise value of $45 million.
Jet.AI is a private aviation booking and membership platform that supports fractional aircraft ownership. Read more.
