Oxbridge Acquisition Corp. announced that it has entered into a Securities Purchase Agreement with new investor, Ionic Ventures, LLC that it will receive funding on March 28, 2024. In connection with the transactions under the Securities Purchase Agreement, the Company entered into a placement agency agreement with Maxim Group LLC.

Pursuant to the terms of the Placement Agency Agreement, the Company must pay Maxim a cash fee equal to 7% of the aggregate gross proceeds raised under the Securities Purchase Agreement and reimburse Maxim, directly upon the initial closing under the Securities Purchase Agreement for all travel and other documented out-of-pocket expenses incurred by Maxim, including the reasonable fees, costs and disbursements of its legal counsel, in an amount not to exceed an aggregate of $15,000. The Company paid Maxim a total of $120,000 out of the gross proceeds it received on March 29, 2024. If the Company issues additional securities to Ionic as contemplated by the Securities Purchase Agreement, the Company would be obligated to pay Maxim cash fees of up to $1,050,000.