EG Acquisition announced that its stockholders voted in favor of the business combination with LGM Enterprises (dba flyExclusive), a provider of premium private jet charter experiences.
Approximately 97% of the voted shares were in favor of the acquisition, the SPAC said.
EG also announced that its plan to transfer the listing of stock and warrants from the NYSE to the NYSE American has been delayed, subject to ongoing review by the NYSE American of its listing application. The SPAC had previously announced that the transfer would occur on or about Dec. 20, subject to the satisfaction or waiver of all closing conditions in connection with the merger. That timing has been delayed pending satisfaction or waiver of the closing conditions. EG’s stock and warrants will continue to trade on the NYSE under the symbols EGGF and EGGFW until the closing of the business combination.
As a result, EG said its annual shareholder meeting for the purpose of voting on a deadline extension will be postponed from Dec. 22 to 1 p.m. Eastern on Dec. 27.
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 the nearly $46 million in the SPAC’s trust, less any redemptions ahead of the merger vote.
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.
flyExclusive manages a fleet of more than 90 Cessna Citation jets with access to a network of personalized private aviation and on-demand flights that can service specialized trip needs. Operations are based in Kinston, NC, within a few flight hours of over 70% of its customer demand. Read more.
