July 19, 2024

FlyExclusive stock drops in debut after merger with blank-check company


FlyExclusive Inc.’s stock fell 43% on Thursday as the flight-charter company began trading under the symbol FLYX on the NYSE American exchange, after closing its merger with blank-check company EG Acquisition Corp.

The deal for FlyExclusive was initially announced on Oct. 17, 2022, with a pre-transaction equity value of $600 million at the time.

At last check, FlyExclusive’s market capitalization was $118 million, according to MarketWatch data.

FlyExclusive offers travelers fractional-ownership opportunities for light-, mid- and super-midsized jets, along with access to a fleet of nearly 100 aircraft.

EG Acquisition Corp.
was sponsored by EnTrust Global and GMF Capital. The blank-check company was trading under the symbol EGGF until Thursday.

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