flyExclusive, a provider of premium private jet charter experiences, and EG Acquisition announced the completion of their business combination, which the SPAC’s shareholders approved Dec. 18.
Shares are expected to begin trading today on the NYSE American under the new ticker symbol FLYX.
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.
flyExclusive 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.
BTIG was financial and capital markets advisor to EG Acquisition. Wyrick Robbins Yates & Ponton is legal advisor to flyExclusive, Willkie Farr & Gallagher is legal advisor to EG Acquisition and Vedder Price is serving as FAA counsel to EG Acquisition. Kirkland & Ellis is legal counsel to BTIG, and Vinson & Elkins legal counsel to the noteholders. Read more.
