flyExclusive and EG Acquisition Corporation Combine
flyExclusive and EG Acquisition Corp., a Special Purpose Acquisition Company (SPAC) sponsored by EnTrust Global and GMF Capital, have announced the completion of their previously announced business combination.
Upon the completion of the business combination, the combined company has been renamed flyExclusive, Inc. Beginning Dec. 28, 2023, the company’s common stock are expected to begin trading on the NYSE American under the new ticker symbol “FLYX”. The business combination was approved at a special meeting of EG Acquisition Corp.’s stockholders on Dec. 18, 2023.
“Today marks another milestone in our company’s mission to elevate the private aviation experience,” said Jim Segrave, Chief Executive Officer and founder of flyExclusive. “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 their world-class leadership team, business model designed to maximize utilization and flight unit economics and the consistent high-quality service they provide to customers," said 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 at flyExclusive 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., said "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 flyExclusive to extend their leadership position and deliver shareholder value, and we are looking forward to seeing what they can accomplish in this new phase of the company’s existence."
In connection with the closing of the business combination, the Company has canceled the annual meeting, which was previously scheduled to be held on December 27, 2023.
