Oxbridge Acquisition, a blank check company formed by Oxbridge Re Holdings targeting insurtech and blockchain, raised $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.
The company is led by CEO and Chairman Jay Madhu, the founder, CEO, and Chairman of Oxbridge Re Holdings (Nasdaq: OXBR), and CFO and Director Wrendon Timothy, the 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.
Oxbridge Acquisition plans to list on the Nasdaq under the symbol OXACU. Maxim Group LLC acted as sole bookrunner on the deal.
