Oxbridge Re Holdings Secures $5M Equity Distribution Agreement with Maxim Group LLC

Oxbridge Re Holdings has signed a new equity distribution agreement with Maxim Group LLC to offer up to $5 million of its ordinary shares. The company plans to use the proceeds for general corporate purposes, including funding its reinsurance operations. The most recent analyst rating on OXBR stock is a Buy with a $5.00 price target. Spark's AI Analyst gives OXBR a Neutral score due to significant financial challenges and declining equity base.

Oxbridge Re Holdings Ltd (NASDAQ: OXBR) has entered into a new equity distribution agreement with Maxim Group LLC, a leading investment bank based in New York City. The agreement allows the company to offer and sell up to $5 million of its ordinary shares through Maxim Group as its sales agent [2].

The agreement will remain in effect until the earlier of the sale of all $5 million in shares or termination by either party with 30 days’ written notice. Maxim Group will receive a commission equal to 3.0% of the gross proceeds from any shares sold under the agreement. The company is not obligated to sell any shares under the agreement and will instruct the sales agent on timing, price, and amount of shares to be sold [2].

The proceeds from the offering will be used for general corporate purposes, including funding Oxbridge Re Holdings' reinsurance operations. Pending use, the net proceeds may be invested in short-term, investment grade, interest-bearing instruments or held as cash. The company registered up to $517,745 in ordinary shares under its existing shelf registration statement for this offering [2].

The most recent analyst rating on OXBR stock is a Buy with a $5.00 price target. However, Spark's AI Analyst has given OXBR a Neutral score due to significant financial challenges and a declining equity base [1].

References:
[1] https://finance.yahoo.com/news/interactive-strength-inc-nasdaq-trnr-181500761.html
[2] https://www.investing.com/news/sec-filings/oxbridge-re-holdings-enters-5-million-equity-distribution-agreement-with-maxim-group-93CH-4130247