Oxbridge Acquisition Corp. (NASDAQ:OXAC) plans to merge with private aviation services provider Jet Token through a deal that estimates the enterprise value of the company at around $45M.
The deal is slated to close in Q2. The combined company is expected to be renamed Jet.AI with shares trading on Nasdaq. Jet.AI plans to use proceeds from the deal to expand its fleet and develop its AI-based software.
Based in Las Vegas, Jet Token offers private jet chartering, leasing and fractional ownership through a membership model. It also operates a platform where users can book flights on Jet Token aircraft or with third party carriers.
Oxbridge went public in August 2021, raising $100M.