Oxbridge (NASDAQ: OXAC) announced this morning that its shareholders approved its combination with Jet Token at a special meeting yesterday.
Jet Token, which is to do business as Jet.AI, is expected to see its shares and warrants trade on the Nasdaq under the symbols “JTAI” and “JTAIW” once the transaction is closed.
That closing is to come soon, but the press release notes it is “subject to the parties satisfying all other remaining closing conditions”, indicating that some remain unfulfilled.
As of August 7, redemptions had reduced Oxbridge’s trust to $526,866 across 42,737 shares as of August 7. But, it announced yesterday it would issue up to 1,186,952 shares to Meteora Capital Partners and affiliates who would buy them as a part of a forward purchase agreement.
The parties inked their $73.9 million deal earlier this year in February. Las Vegas-based JetToken offers fractional aircraft ownership, jet card, aircraft brokerage and charter service through its fleet of private aircraft and those of its Argus Platinum operating partner.
Last week, the company announced it launched DynoFlight, a transaction platform allowing aviation businesses to offset their carbon emissions by purchasing carbon removal credits. DynoFlight is expected to go live in September.
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