- Wheels Up began trading on NYSE on July 14. The stock closed at US$11.55.
- Oxbridge Re was trading up after Custodian Ventures announced to buy 9.9% stake in OXBR.
- Wheels Up merged with Aspirational Consumer Lifestyle Corp. for the stock listing. In Q1 of 2021, its revenue was US$261.7 million, a 68% growth YoY.
Wheels Up Inc. (NYSE: UP) and Oxbridge Re Holdings Limited (NASDAQ: OXBR) have been the focus of the investors of late. Wheels Up on Wednesday became the first private aviation company to make a stock market debut.
The stock had touched a high of US$13.50 in intraday trade on July 14 after its NYSE listing via SPAC. On Thursday, it closed at US$10.43, down 9.7% from the previous close.
Wheels Up merged with Aspirational Consumer Lifestyle Corp. for the stock listing. The company’s gross proceeds were over US$650 million, including funds in Aspirational’s trust account.
Launched in 2013 in New York, Wheels Up offers all cabin categories on-demand in private flights. In the Q1 of 2021, its revenue was US$261.7 million, a 68% growth YoY. Its active members totaled 9,896 in the quarter, a 56% increase. It also reported 10,742 active users as of March 31, 2021.
Oxbridge Re stock closed at US$3.29, down 7.06% from the previous close on July 15. On Wednesday, it was up 1.49% after announcing 9.9% stake sale to Custodian Ventures LLC.
Oxbridge is a reinsurer based in the Cayman Islands. It two subsidiaries: Oxbridge Reinsurance Limited and Oxbridge Re NS provide reinsurance solutions.
Custodian venture, an investment fund, announced buying 9.9% of OXBR’s ordinary shares outstanding on Wednesday. David Lazar, the CEO of Custodian Ventures LLC, and Activist Investing LLC, along with his team, seeks to invest in companies to create and maximize investment value.
OXBR was founded in 2013. Its revenue for the March quarter of 2021 was US$ 319,000, and net income was US$ 28,000 against the net loss of US$ 364,000 in the previous year March quarter.
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OXBR earns revenue from property reinsurance, investments, and fees.
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