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Jet Token Inc. and Oxbridge Acquisition Corp. (NASDAQ: OXAC) have announced a definitive business combination agreement, which will transition Jet Token to a publicly listed company named Jet.AI Inc. The transaction is valued at approximately $45 million, with additional earnout warrants valued at $60 million. Jet Token shareholders will receive a total of $105 million in mixed consideration, estimated at $0.72 per share. This merger aims to enhance capital access, accelerate AI software development, and expand the fleet. The merger is expected to close by late Q2 2023, pending shareholder approvals.