Oxbridge Acquisition, a blank check company targeting insurance technology and blockchain, filed on Monday with the SEC to raise up to $100 million.
The Cayman Islands-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed deal size, Oxbridge Acquisition would command a market value of $126 million.
The company is led by CEO and Chairman Jay Madhu, founder, CEO, and Chairman of Oxbridge Re Holdings (Nasdaq: OXBR), and CFO Wrendon Timothy, CFO of Oxbridge Re Holdings. The company aims to leverage management's experience to target insurance technology, reinsurance, insurance service, and blockchain technology businesses with enterprise values greater than $300 million.
The company was founded in 2021 and plans to list on the Nasdaq under the symbol OXACU. The company filed confidentially on May 18, 2021. Maxim Group is the sole bookrunner on the deal.
