EG Acquisition in a proxy filing laid out its proposed equity purchase agreement to merge with flyExclusive, a provider of premium private jet charter experiences.
As announced in October 2022, the transaction 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 immediate funding through committed convertible notes and up to $225 million of the SPAC’s cash in trust.
If approved, flyExclusive is expected to list on the NYSE.
The company manages Cessna Citation aircraft with a floating fleet of over 90 jets with access to a network of personalized private aviation and on-demand flights that can service a myriad of specialized trip needs. flyExclusive has over 800 employees with its operations on the East Coast within a few flight hours of over 70% of its customer demand.
One of the proposals on the ballot calls for an increase in the total number of authorized shares of stock to 325 million shares consisting of 25 million shares of preferred stock, 200 million shares of Class A stockand 100 million shares of Class B stock. Read more.
