EG Acquisition Corp. (EGGF) Secures Shareholder Approval for flyExclusive, Postpones Close

EG Acquisition Corp. (NYSE:EGGF) shareholders approved its combination with private aviation firm flyExclusive, but the SPAC has delayed its scheduled takeoff into the public markets.

The SPAC had previously expected the transaction to close today, but it is still on the tarmac as its application to list on the NYSE American is still under review and it is waiting for all closing conditions to be waived or satisfied.

Such phrasing usually signifies that a SPAC’s redemptions have dipped its trust funds below the required minimum cash condition in the deal, but EG included $85 million in convertible notes at announcement that would have in theory cleared this deal’s $85 million threshold. However, this deal included a closing condition that it remain listed on the NYSE, which is what is most likely hanging things up.

EG has not yet divulged its redemption figures in connection with the completion vote, but it had about $43.3 million in trust going into it, having seen 81% redeemed in a May extension.

The present delay may in fact require another extension vote as EG is to hit its transaction deadline on December 28 and it had therefore already scheduled a vote to ask for more time just in case. That vote will now be pushed from December 22 to 1 pm ET December 27, however.

The two sides initially announced their $600 million combination in November 2022. Kinston, North Carolina-based flyExclusive is an owner and operator of a private jet flight network with a floating fleet of about 100 light to heavy jets.