FlyExclusive Finalizes SPAC Merger

The acquisition has been in the works since 2022.

FlyExclusive on the NYSE

FlyExclusive’s common stock began trading on December 28.
[Courtesy: flyExclusive]

FlyExclusive has completed a merger with special purpose acquisition company (SPAC) EG Acquisition Corp., allowing the private jet charter provider to go public.

Plans for the transaction were first announced in October 2022. The merger was officially approved by EG Acquisition Corp.’s stockholders at a special meeting held last week. flyExclusive’s common stock began trading on the New York Stock Exchange on December 28.

“Today marks another milestone in our company’s mission to elevate the private aviation experience,” said flyExclusive founder and CEO 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.”

About flyExclusive

Headquartered in North Carolina, flyExclusive offers on-demand charter, Jet Club, and fractional jet services. The company recently secured a $30 million investment from the State of North Carolina to build a new pilot training center and headquarters. The facility is expected to include 10,000 square feet of space for up to five full-motion flight simulators, 14,000 square feet in classrooms and training space, and a 22,000 square-foot air operations center.

FlyExclusive also announced last October that it had added the 100th jet to its fleet, which is made up of Cessna Citation Encores, Citation Excel/XLSs, Citation Sovereigns, and Citation Xs. According to the company, the October delivery makes it the second-largest operator of Cessna Citations in the world. FlyExclusive’s most recent purchase agreement with Textron Aviation covered options for up to 30 Cessna Citation CJ3+ jets.

Kate O’Connor is a private pilot, certificated aircraft dispatcher, and graduate of Embry-Riddle Aeronautical University.

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