Vista in Talks to Add DealerSocket, Omnitracs to Solera SPAC Deal: Report

As announced in October 2022, the deal valued flyExclusive at a pre-transaction equity value of $600 million. Proceeds now include $85 million of immediate funding through committed convertible notes and EG's remaining cash in trust. The SPAC has not disclosed redemptions, if any, ahead of the merger vote. EG held almost $46 million in trust as of Nov. 30, according to a proxy filing at the time.

The SPAC in an 8-K filing disclosed that 12,061,401 shares were redeemed, which erased nearly 89% of the cash in trust.

Announced in March, terms call for approximately $470 million in gross proceeds, assuming no trust account redemptions, consisting of the SPAC’s $172.5 million cash in trust and an upsized $300 million PIPE.