Business Context and Reporting Period
This Form 8-K is filed by Oxbridge Acquisition Corp. (not Jet.AI Inc.) on June 14, 2023. The registrant is a Cayman Islands-based special purpose acquisition company (SPAC) with securities listed on the Nasdaq Capital Market under the symbols OXACU, OXAC, and OXACW.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures. The report focuses exclusively on regulatory compliance regarding market capitalization.
Material Changes
The Company received a written notice from Nasdaq stating it is not in compliance with Listing Rule 5550(b)(2) regarding the Minimum Market Value of Listed Securities (MVLS). The Company's market value of listed securities fell below the required threshold of $35 million.
Outlook, Risks, and Management Commentary
- Compliance Period: The Company has been granted a 180-calendar-day compliance period to regain compliance, expiring on December 11, 2023.
- Remediation Criteria: Compliance will be restored if the MVLS closes at $35 million or more for a minimum of ten consecutive business days during the compliance period.
- Current Status: The notice is a notification of deficiency only; it does not constitute an immediate delisting, and trading of the Company's securities continues unaffected.
- Management Action: Management intends to take action to regain compliance within the allotted timeframe.
Investor Verification Checklist
- Verify the current market capitalization of Oxbridge Acquisition Corp. against the $35 million threshold.
- Monitor the stock price to determine if it can sustain a $35 million market value for ten consecutive business days before December 11, 2023.
- Confirm the identity of the registrant (Oxbridge Acquisition Corp.) as the filing metadata referenced "Jet.AI Inc." which is not the entity named in the document.
- Review subsequent filings for updates on the Company's plan to regain compliance or potential merger announcements that could affect market value.