Charter and fractional provider FlyExclusive completed its combination special purpose acquisition company (SPAC) EG Acquisition Corp. in a move that cleared the company to be traded beginning today on the NYSE American exchange under the ticker symbol FLYX. The combination had received approval from EG Acquisition Corp.’s stockholders on December 18. The stock opened today at $11.98 per share but by midday had drifted down to $4.91.
“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.”
FlyExclusive announced the planned merger in October 2022 with ambitions to continue to grow its floating aircraft fleet, which numbers around 100 aircraft.
"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 Hymowitz, CEO and director of EG Acquisition Corp. and chairman and CEO of EnTrust Global. "We…believe they are ready to further accelerate their market position as a public company."