8-K
filed November 14, 2022, 6:59 PM ET
ticker JTAI
CIK 0001861622
other material
confidence high
sentiment negative
materiality 0.75
Jet.AI Inc. (JTAI): debt financing — Oxbridge Acquisition Corp. extends deadline to Aug 2023 with sponsor loan; ~$105M in redemptions
Jet.AI Inc.
- Shareholders approved extending business combination deadline from Nov 16, 2022 to Aug 16, 2023.
- Sponsor OAC Sponsor Ltd. issued $575,000 non-interest promissory note to fund extension.
- 10,313,048 Class A shares redeemed at ~$10.21/share, aggregate ~$105.3M.
- Note repayment due upon consummation of business combination or liquidation; trust claims waived.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Jet.AI Inc. incurred loan of $575,000 with OAC Sponsor Ltd. at no interest maturing upon earlier of consummation of Initial Business Combination or liquidation of Company.
- Instrument
- loan
- Principal
- $575,000
- Counterparty
- OAC Sponsor Ltd.
- Rate
- no interest
- Maturity
- upon earlier of consummation of Initial Business Combination or liquidation of Company
- Event
- incurrence
Exact text from the filing
On November 14, 2022, Oxbridge Acquisition Corp. (the “ Company ”) issued a promissory note (the “ Note ”) in the aggregate principal amount of $575,000 to OAC Sponsor Ltd., the sponsor of the Company (the “ Sponsor ”), in connection with the extension of the termination date for the Company’s initial business combination (the “ Initial Business Combination ”) from November 16, 2022 to August 16, 2023 (the “ Termination Date ”), which extension was approved at the EGM (defined below) held on November 9, 2022. The Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the Initial Business Combination, or (b) the date of the liquidation of the Company. The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The foregoing description is qualified in its entirety by reference to the Note, a copy of which is attached as Exhibit 10.1 hereto and is inc
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Jet.AI Inc.: Amended the company's Amended and Restated Memorandum and Articles of Association to extend the deadline for consummating a business combination from November 16, 2022 to August 16, 2023 (effective 2022-11-11).
- Change
- charter amendment
- Effective
- 2022-11-11
Exact text from the filing
On November 9, 2022, the Company held an extraordinary general meeting (the “ EGM ”) of shareholders. At the EGM, the Extension Amendment Proposal (as defined below) to amend the Company’s Amended and Restated Memorandum and Articles of Association (“ Charter Amendment ”) was approved. The Company filed the Charter Amendment with the Cayman Islands Registrar of Companies on November 11, 2022.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Jet.AI Inc. entered into Note with OAC Sponsor Ltd. valued at $575,000 (effective 2022-11-14).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- OAC Sponsor Ltd.
- Value
- $575,000
- Effective
- 2022-11-14
Exact text from the filing
On November 14, 2022, Oxbridge Acquisition Corp. (the “ Company ”) issued a promissory note (the “ Note ”) in the aggregate principal amount of $575,000 to OAC Sponsor Ltd., the sponsor of the Company (the “ Sponsor ”), in connection with the extension of the termination date for the Company’s initial business combination (the “ Initial Business Combination ”) from November 16, 2022 to August 16, 2023 (the “ Termination Date ”), which extension was approved at the EGM (defined below) held on November 9, 2022.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
Jet.AI Inc. shareholders approved Extension Amendment Proposal to extend the date by which the Company must consummate a business combination from November 16, 2022 to August 16, 2023 by amending the Company's Amended and Restated Memorandum and Articles of Association at the 2022-11-09 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2022-11-09
Exact text from the filing
The Extension Amendment Proposal was approved with the following vote from the holders of Ordinary Shares: For Against Abstentions 11,107,631 669,252 3,409
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.