--- schema_version: "secwatch.filing_event.v1" accession: "0001493152-22-032007" form_type: "8-K" ticker: "JTAI" cik: "0001861622" company_name: "Jet.AI Inc." filed_at: "2022-11-14T23:59:59+00:00" generated_at: "2026-06-21T21:28:35.508936+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Oxbridge Acquisition Corp. extends deadline to Aug 2023 with sponsor loan; ~$105M in redemptions ## Summary - 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. ## SEC filing metadata - accession: 0001493152-22-032007 - form_type: 8-K - ticker: JTAI - cik: 0001861622 - company_name: Jet.AI Inc. - filed_at: 2022-11-14T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.03, 5.03, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1861622/000149315222032007/0001493152-22-032007-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1861622/000149315222032007/form8-k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001493152-22-032007 - JSON: https://secwatch.observer/filing/0001493152-22-032007.json - Plain text: https://secwatch.observer/filing/0001493152-22-032007.txt ## Key facts - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1861622/000149315222032007/0001493152-22-032007-index.htm - Governance Changes 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1861622/000149315222032007/0001493152-22-032007-index.htm - Material Agreements 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1861622/000149315222032007/0001493152-22-032007-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1861622/000149315222032007/0001493152-22-032007-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.