Business Context and Reporting Period
This Form 8-K reports the consummation of the initial public offering (IPO) by Oxbridge Acquisition Corp. (not Jet.AI Inc.) on August 16, 2021. The company is a Cayman Islands-based special purpose acquisition company (SPAC) and an emerging growth company.
Key Financial Metrics
- Gross IPO Proceeds: $115,000,000 from the sale of 11,500,000 Units at $10.00 per Unit.
- Private Placement Proceeds: $5,760,000 from the sale of 5,760,000 Private Warrants at $1.00 per warrant.
- Total Capital Raised: $120,760,000 (Gross).
- Trust Account Balance: $116,725,000 deposited as of August 16, 2021.
- Warrant Exercise Price: $11.50 per share for Public Warrants.
- Debt and Liquidity: The filing does not provide specific debt figures or operating cash flow data, as the company is in the pre-business combination stage.
Material Changes
This filing represents the company's transition from a private entity to a publicly traded company on The Nasdaq Stock Market LLC. There is no prior comparable period for operating metrics as the company had not yet completed a business combination.
Outlook, Risks, and Unusual Items
- Capital Structure: Units consist of one Class A ordinary share and one redeemable warrant. Private Warrants are non-redeemable and subject to transfer restrictions until 30 days after an initial business combination.
- Financial Statements: An audited balance sheet reflecting the IPO proceeds is included as Exhibit 99.1.
- Risks: Standard SPAC risks apply, including the requirement to complete a business combination within a specified timeframe to avoid liquidation, though specific timelines are not detailed in this excerpt.
Investor Verification Checklist
- Verify the exact amount of underwriting discounts and commissions deducted from the gross proceeds to determine net cash available for operations.
- Review Exhibit 99.1 (Audited Balance Sheet) for the precise cash position and working capital requirements.
- Confirm the deadline for completing an initial business combination and the terms of the trust account liquidation.
- Check for any subsequent filings regarding the use of proceeds or changes in the trust account balance.