flyExclusive, a private jet charter company, has merged with EG Acquisition Corp., a SPAC backed by EnTrust Global and GMF Capital. The new entity, flyExclusive, Inc., will trade on the NYSE American under the ticker FLYX starting from December 28, 2023.
The merger was approved by EG Acquisition Corp.’s shareholders on December 18, 2023, and the annual meeting scheduled for December 27, 2023, was canceled.
flyExclusive operates a fleet of 100 Cessna Citation jets and offers various services to customers, including on-demand charter, Jet Club, and fractional jet ownership. The company also has its own maintenance, repair, and overhaul facilities in Kinston, North Carolina.
“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.”
Gregg S. Hymowitz, CEO and Director of EG Acquisition Corp. and Chairman and CEO of EnTrust Global, said, “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.
“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.”
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