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Private jet charter company flyExclusive completed a business combination with EG Acquisition Corp, a Special Purpose Acquisition Company sponsored by EnTrust Global and GMF Capital. The combined company was renamed flyExclusive, Inc. and began trading common stock on the NYSE American under the ticker symbol "FLYX" as of Dec. 28, 2023.
"Today marks another milestone in our company's mission to elevate the private aviation experience," flyExclusive CEO Jim Segrave said after the announcement. "We built flyExclusive around the value that minutes matter for our customers, and this principle will continue to guide the disciplined approach that has defined our success in the industry."
The business combination was approved at a special meeting with EG Acquisition Corp's stockholders on Dec. 18, 2023. The closing of the business combination was announced ten days later, after canceling the annual meeting, which was previously scheduled to take place the day prior, on Dec. 27, 2023 at 5:00 p.m. Eastern Time. The business combination agreement was previously announced on Oct. 17.
"As we noted when the transaction was announced, flyExclusive has become one of the fastest-growing providers of premium private jet charter experiences thanks to their world-class leadership team, business model designed to maximize utilization and flight unit economics and the consistent high-quality service they provide to customers," said Gregg S. Hymowitz CEO and director of EG Acquisition Corp and chairman and CEO of EnTrust Global. "We are excited that Jim and his team at flyExclusive have reached this stage and believe they are ready to further accelerate their market position as a public company."
The transaction will provide flyExclusive with additional capital to continue to grow and serve customers. The additional capital will allow the company to execute a strategic plan to become the first fully vertically integrated private aviation company in the country. The flyExclusive leadership team will retain control of the company and continue to grow and expand in Kinston, North Carolina. Some sovereign wealth and U.S. institutional investors are also providing $85 million to flyExclusive through the purchase of convertible notes entered into simultaneously with the business combination agreement signing. The notes will be converted into shares of the new, combined company after the start of the business combination at $10 per share. The $85 million from notes will be primarily used by flyExclusive to acquire additional aircraft and related expenses.
"We believe flyExclusive's differentiated model and track record of performance, combined with our investment and the continued acceleration of the private aviation market, will allow flyExclusive to extend their leadership position and deliver shareholder value, and we are looking forward to seeing what they can accomplish in this new phase of the company's existence," Gary Fegel said, GMF Capital founder and chairman of EG Acquisition Corp.