Unable to launch Server for 1.18

There seem to be an issues with Minecraft Server for the new 1.18 found at https://www.minecraft.net/en-us/download/server

Attempting to start the server results in a error:

NoClassDefFoundError: joptsimple/OptionSpec

This error occurred after upgrading the installed JDK from 16 to JDE 17 as required and setting up the new path.