flyExclusive Announces $25 Million Preferred Equity Investment; Reports First Quarter 2024 Financial Results
Summary
KINSTON, N.C.--(BUSINESS WIRE)-- flyExclusive, Inc. (NYSEAMERICAN: FLYX) (flyExclusive or the Company), a publicly-traded provider of premium private jet charter experiences, today announced a $25 million preferred equity investment and first quarter 2024 results.The Company has entered into a securities purchase agreement dated August 8, 2024 with an investment vehicle managed by EnTrust Global (the Initial Investor) and EG Sponsor LLC (EG Sponsor and, together with the Initial Investor, the Investors) pursuant to which the Investors agreed to purchase 25,510 shares of Series B Convertible Preferred Stock, par value of $0.0001 per share, at a purchase price of $1,000 per share.This equity investment represents a significant milestone in our strategic plan to upgrade and increase the size of our fleet, said Jim Segrave, Founder and CEO of flyExclusive. flyExclusive has one of the worlds largest fleets of Cessna Citation aircraft, and it operates a combined total of approximately 100 jets, ranging from light to large cabin sizes. flyExclusives in-house repair station, aircraft paint, cabin interior renovation, and avionics installation capabilities, are all provided from its campus headquarters in Kinston, North Carolina. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend, strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and similar expressions. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.