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8-K - CURRENT REPORT - OXBRIDGE RE HOLDINGS Ltd | oxbr_8k.htm |
Exhibit 99.1
FOR
IMMEDIATE RELEASE
Company
Contact:
Oxbridge
Re Holdings Limited
Jay
Madhu, CEO
345-749-7570
jmadhu@oxbridgere.com
Oxbridge
Re Announces Filing of SPAC Registration Statement
GRAND CAYMAN, Cayman Islands (July 19, 2021) –
Oxbridge Re (NASDAQ:
OXBR)(the
“Company”) announced today that Oxbridge Acquisition
Corp. (“Oxbridge Acquisition”), a Cayman Islands
special purpose acquisition company and an indirect subsidiary of
the Company, filed a Registration Statement on Form S-1 (the
“Registration Statement”) with the Securities and
Exchange Commission (“SEC”) in connection with a
proposed initial public offering of its units. The Company’s
wholly owned licensed reinsurance subsidiary, Oxbridge Reinsurance
Limited (“Oxbridge Reinsurance”), is the lead investor
in Oxbridge Acquisition’s sponsor and is making the
investment pursuant to its reinsurance business plan under which
Oxbridge Reinsurance intends to invest in SPACs that are sponsored
and/or managed by the Company’s management team, such that
the investments contribute to the growth of capital and surplus of
Oxbridge Reinsurance over time. Oxbridge Acquisition intends to
concentrate its efforts for a target in the disruptive technology market, with a particular
focus in the insurance technology (InsurTech), blockchain and
artificial intelligence technology sectors.
The
proposed public offering is expected to have a base offering size
of $100 million, or up to $115 million if the underwriters’
over-allotment option is exercised in full. Oxbridge Acquisition is
directly initially owned by OAC Sponsor Ltd., a Cayman Islands
exempted company (“OAC Sponsor”) that was organized by,
and to which the initial capital was contributed by, the
Company’s executive officers. Under the terms of the proposed
public offering, OAC Sponsor would own 20% of Oxbridge
Acquisition’s issued and outstanding common stock upon the
consummation of the offering. Oxbridge Acquisition will be managed
by the Company’s management team.
Maxim
Group LLC is acting as sole book-running manager for the
offering.
When
available, copies of the prospectus related to the proposed initial
offering by Oxbridge Acquisition may be obtained for free by
visiting Edgar on the SEC's website at www.sec.gov or from Maxim
Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at
(212) 895-3745.
The
Registration Statement relating to the securities of Oxbridge
Acquisition Corp. has been filed with the SEC but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the Registration Statement
becomes effective. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Forward-Looking
Statements:
This
Press Release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements relating to the proposed initial
public offering of Oxbridge Acquisition Corp. and its management.
The statements involve risks and uncertainty. Words such as
“anticipate,” “estimate,”
“expect,” “intend,” “plan,” and
“project” and other similar words and expressions are
intended to signify forward-looking statements. Forward-looking
statements are not guarantees of future results and conditions but
rather are subject to various risks and uncertainties. Such
statements are based on the Company’s current expectations
and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those described in
the forward-looking statements. Investors are cautioned that there
can be no assurance actual results or business conditions will not
differ materially from those projected or suggested in such
forward-looking statements as a result of various risks and
uncertainties. Investors should refer to the risks detailed from
time to time in the reports the Company files with the SEC,
including the Company’s Annual Report on Form 10-K for the
year ended December 31, 2020, as well as other filings on Form 10-Q
and periodic filings on Form 8-K, for additional factors that could
cause actual results to differ.
About Oxbridge Re Holdings Limited
Oxbridge
Re (www.oxbridgere.com) is a
Cayman Islands exempted company that was organized in April 2013 to
provide reinsurance business solutions primarily to property and
casualty insurers in the Gulf Coast region of the United States.
Through Oxbridge Re’s licensed reinsurance subsidiaries,
Oxbridge Reinsurance Limited and Oxbridge RE NS, it writes fully
collateralized policies to cover property losses from specified
catastrophes. Oxbridge Re specializes in underwriting medium
frequency, high severity risks, where it believes sufficient data
exists to analyze effectively the risk/return profile of
reinsurance contracts and it makes investments that can contribute
to the growth of capital and surplus in its licensed reinsurance
subsidiaries over time. The company’s ordinary shares and
warrants trade on the NASDAQ Capital Market under the symbols
“OXBR” and
“OXBRW,”
respectively.