EG Acquisition said today’s shareholder meeting to vote on an extension proposal has been postponed until May 19, with the redemption deadline moved to May 17.
The SPAC said the delay gives it additional time to engage with stockholders. The proposal cvalls for an extension until Aug. 28, followed by additional monthly extensions, if required, until Dec. 28.
If approved, the sponsor has agreed to deposit the lesser of 4 cents a share or $160,000 for each month.
EG earlier this week filed a a preliminary proxy outlining terms of its proposed business combination with flyExclusive, a provider of premium private jet experiences.
Announced in October, the transaction is expected to be completed in the third quarter. The deal values flyExclusive at a pre-transaction equity value of $600 million and is expected to provide up to $310 million in proceeds, including $85 million of committed convertible notes and $225 million the SPAC holds in trust, assuming no redemptions. Read more.
