EG Acquisition in an 8-K included an investor presentation highlighting its proposed merger with flyExclusive, a provider of premium private jet charter experiences.
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 up to $6.5 million in the SPAC’s cash in trust.
EG Acquisition’s sponsor has made a long-term commitment to the deal with both the CEO and Chairman making personal investments into flyExclusive with a three-year lockup.
If approved, flyExclusive is expected to be listed 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 750 employees and 100 airccraft in its fleet, with its operations based in Kinston, NC, within a few flight hours of over 70% of its customer demand. Read more.
