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flyExclusive and EG Acquisition Corp close combination
The combined company is named flyExclusive and common stock began trading at the end of December on the NYSE American under ticker symbol FLYX. The price followed a downward trajectory.

The business combination between flyExclusive and EG Acquisition Corp, a Special Purpose Acquisition Company sponsored by EnTrust Global and GMF Capital, was approved at a special meeting of EG Acquisition Corp's stockholders on 18 December, 2023. The combined company is renamed flyExclusive and its common stock began trading on the NYSE under the ticker symbol FLYX.

"This marks another milestone in our company's mission to elevate the private aviation experience," says CEO and founder Jim Segrave. "We built flyExclusive around the value that minutes matter for our customers, and this principle will continue to guide the disciplined approach that has defined our success in the industry."

"As we noted when the transaction was announced, flyExclusive has become one of the fastest-growing providers of premium private jet charter experiences thanks to its world-class leadership team, a business model designed to maximise utilisation and flight unit economics, and the consistent high-quality service it provides to customers," adds Gregg S Hymowitz, CEO and director of EG Acquisition Corp and chairman and CEO of EnTrust Global. "We are excited that Jim and his team have reached this stage and believe they are ready to further accelerate their market position as a public company."

Gary Fegel, founder of GMF Capital and chairman of EG Acquisition Corp, says: "We believe flyExclusive's differentiated model and track record of performance, combined with our investment and the continued acceleration of the private aviation market, will allow it to extend its leadership position and deliver shareholder value, and we are looking forward to seeing what it can accomplish in this new phase of existence."

In just over eight years, flyExclusive has become one of the nation’s five largest private jet operators and one of the world’s largest operators of Cessna Citation aircraft, with a floating fleet of over 100 light to heavy jets. It entered the fractional market with an order for 30 CJ3+ aircraft in 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 SPAC cash held in trust. Proceeds will allow the company to continue its growth, better serve customers and execute its strategic plan to become the nation's first fully vertically integrated private aviation company.

It should be noted, however, that the share price dropped 48 per cent since launch and trading halted for a while on 28 December due to volatility. The company value was around $118 million.

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