flyExclusive (NYSEAMERICAN: FLYX) has secured a $25 million preferred equity investment and released its Q1 2024 financial results. The investment, made by EnTrust Global and EG Sponsor , involves the purchase of 25,510 shares of Series B Convertible Preferred Stock at $1,000 per share. The company has already issued 20,408 shares and a warrant for 4 million common stock shares, receiving $20.4 million in gross proceeds. The remaining 5,102 shares and a warrant for 1 million common stock shares are expected to be issued by August 15, 2024, bringing in an additional $5.1 million.
CEO Jim Segrave stated that this investment is important for upgrading and expanding the company’s fleet, supporting their vertical integration strategy. The Q1 2024 financial results are available in the Form 10-Q filed with the SEC, with a detailed discussion planned for the upcoming Q2 earnings call.
flyExclusive (NYSEAMERICAN: FLYX) ha ottenuto un investimento patrimoniale preferenziale di 25 milioni di dollari e ha rilasciato i risultati finanziari per il primo trimestre del 2024. L’investimento, effettuato da EnTrust Global ed EG Sponsor, prevede l’acquisto di 25.510 azioni di azioni privilegiate convertibili di Serie B a 1.000 dollari per azione. L’azienda ha già emesso 20.408 azioni e un warrant per 4 milioni di azioni ordinarie, ricevendo 20,4 milioni di dollari in proventi lordi. Le restanti 5.102 azioni e un warrant per 1 milione di azioni ordinarie dovrebbero essere emessi entro il 15 agosto 2024, portando ulteriori 5,1 milioni di dollari.
Il CEO Jim Segrave ha dichiarato che questo investimento è fondamentale per l’aggiornamento e l’espansione della flotta dell’azienda, sostenendo la loro strategia di integrazione verticale. I risultati finanziari del primo trimestre del 2024 sono disponibili nel modulo 10-Q depositato presso la SEC, con una discussione dettagliata prevista per la prossima chiamata sugli utili del secondo trimestre.
flyExclusive (NYSEAMERICAN: FLYX) ha asegurado una inversión de capital preferente de 25 millones de dólares y ha publicado sus resultados financieros del primer trimestre de 2024. La inversión, realizada por EnTrust Global y EG Sponsor, implica la compra de 25,510 acciones de acciones preferentes convertibles de la Serie B a 1,000 dólares por acción. La compañía ya ha emitido 20,408 acciones y una opción para 4 millones de acciones ordinarias, recibiendo 20.4 millones de dólares en ingresos brutos. Se espera que las 5,102 acciones restantes y una opción por 1 millón de acciones ordinarias se emitan antes del 15 de agosto de 2024, generando otros 5.1 millones de dólares.
El CEO Jim Segrave declaró que esta inversión es importante para modernizar y expandir la flota de la compañía, apoyando su estrategia de integración vertical. Los resultados financieros del primer trimestre de 2024 están disponibles en el Formulario 10-Q presentado ante la SEC, con una discusión detallada planificada para la próxima llamada de ganancias del segundo trimestre.
flyExclusive (NYSEAMERICAN: FLYX)는 2,500만 달러의 우선주 투자를 확보하고 2024년 1분기 재무 결과를 발표했습니다. EnTrust Global과 EG Sponsor가 진행한 이번 투자는 25,510주에 대한 1,000달러 주당 가격의 B시리즈 전환우선주 구매를 포함합니다. 회사는 이미 20,408주와 400만 주의 보통주에 대한 워런트를 발행하여 2040만 달러의 총 수익을 올렸습니다. 나머지 5,102주와 100만 주 보통주에 대한 워런트는 2024년 8월 15일까지 발행될 예정이며, 추가로 510만 달러를 가져올 것으로 예상됩니다.
CEO Jim Segrave는 이번 투자가 회사의 함대를 업그레이드하고 확장하는 데 중요하며, 수직 통합 전략을 지원한다고 밝혔습니다. 2024년 1분기 재무 결과는 SEC에 제출된 10-Q 양식에서 확인할 수 있으며, 다음 2분기 실적 발표에서 자세한 논의가 예정되어 있습니다.
flyExclusive (NYSEAMERICAN: FLYX) a sécurisé un investissement en capital privilégié de 25 millions de dollars et a publié ses résultats financiers pour le premier trimestre de 2024. Cet investissement, réalisé par EnTrust Global et EG Sponsor, implique l’achat de 25 510 actions d’actions privilégiées convertibles de série B à 1 000 dollars par action. L’entreprise a déjà émis 20 408 actions et un bon de souscription pour 4 millions d’actions ordinaires, recevant 20,4 millions de dollars de recettes brutes. Les 5 102 actions restantes et un bon de souscription pour 1 million d’actions ordinaires devraient être émises d’ici le 15 août 2024, générant des fonds supplémentaires de 5,1 millions de dollars.
Le PDG Jim Segrave a déclaré que cet investissement est important pour moderniser et élargir la flotte de l’entreprise, soutenant leur stratégie d’intégration verticale. Les résultats financiers du premier trimestre 2024 sont disponibles dans le formulaire 10-Q déposé auprès de la SEC, avec une discussion détaillée prévue pour l’appel des résultats du deuxième trimestre à venir.
flyExclusive (NYSEAMERICAN: FLYX) hat eine 25 Millionen Dollar schwere Vorzugsaktieninvestition gesichert und die Finanzzahlen für das erste Quartal 2024 veröffentlicht. Die Investition, die von EnTrust Global und EG Sponsor getätigt wurde, umfasst den Erwerb von 25.510 Aktien der Serie B Wandelanleihen zu einem Preis von 1.000 Dollar pro Aktie. Das Unternehmen hat bereits 20.408 Aktien und ein Warrant für 4 Millionen Stammaktien ausgegeben und dabei brutto 20,4 Millionen Dollar eingenommen. Die verbleibenden 5.102 Aktien und ein Warrant für 1 Million Stammaktien sollen bis zum 15. August 2024 ausgegeben werden, was weitere 5,1 Millionen Dollar einbringen wird.
CEO Jim Segrave erklärte, dass diese Investition wichtig ist, um die Flotte des Unternehmens aufzurüsten und zu erweitern und ihre vertikale Integrationsstrategie zu unterstützen. Die Finanzzahlen für das erste Quartal 2024 sind im eingereichten Formular 10-Q bei der SEC verfügbar, mit einer detaillierten Diskussion, die für den kommenden Gewinnaufruf im zweiten Quartal geplant ist.
Positive
- Secured $25 million preferred equity investment to upgrade and expand fleet
- Received $20.4 million in gross proceeds from initial investment
- Additional $5.1 million expected by August 15, 2024
- Investment supports vertical integration strategy
Negative
- Potential dilution of existing shareholders due to new stock issuance and warrants
flyExclusive’s
The company’s focus on fleet expansion and vertical integration suggests a long-term growth strategy. However, without specific financial figures from Q1 2024, it’s challenging to assess the company’s current performance and how this investment will impact its bottom line. Investors should closely monitor upcoming earnings calls for more detailed insights into flyExclusive’s financial health and the effectiveness of this capital deployment.
The
However, the private aviation sector is highly competitive and cyclical. flyExclusive’s success will depend on its ability to differentiate its services and maintain high utilization rates. The focus on delivering a “best-in-class experience” is important in this market, but it’s essential to balance service quality with cost management. Investors should watch for metrics like fleet utilization, customer acquisition costs and retention rates in future reports to gauge the company’s performance.
flyExclusive, Inc. (NYSEAMERICAN: FLYX) (“flyExclusive” or the “Company”), a publicly-traded provider of premium private jet charter experiences, today announced a
Preferred Equity Investment
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
“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. “The Investors have been exceptional partners and their commitment to flyExclusive will allow us to execute on our vertical integration strategy and deliver a best-in-class experience for our customers. We look forward to updating the market on our progress during our next earnings call.”
Pursuant to the securities purchase agreement, the Company issued 20,408 shares of Series B Convertible Preferred Stock and a Warrant to purchase up to 4,000,000 shares of Company’s Class A common stock, par value
First Quarter 2024 Financial Results
flyExclusive also announced first quarter 2024 financial results through a Form 10-Q furnished with the Securities and Exchange Commission (SEC). The Form 10-Q can be found at https://ir.flyexclusive.com/sec-filings or at www.sec.gov.
Management will discuss these results in conjunction with the Company’s second quarter results during a conference call to be announced at a later date and in accordance with the SEC’s financial reporting calendar. Once announced, interested parties can find relevant details at the flyExclusive investor relations website at https://www.flyexclusive.com/investors.
About flyExclusive
flyExclusive is a vertically integrated, FAA-certificated air carrier providing private jet experiences by offering customers a choice of on-demand charter, Jet Club, and fractional ownership services to destinations across the globe. flyExclusive has one of the world’s largest fleets of Cessna Citation aircraft, and it operates a combined total of approximately 100 jets, ranging from light to large cabin sizes. The company manages all aspects of the customer experience, ensuring that every flight is on a modern, comfortable, and safe aircraft. flyExclusive’s in-house repair station, aircraft paint, cabin interior renovation, and avionics installation capabilities, are all provided from its campus headquarters in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. 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. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: risks related to reliance on and the need to hire and retain key personnel; the ability of the Company to file timely file its required annual and quarterly reports with the SEC; the ability of the Company to regain compliance with NYSE American continued listing standards and maintain the listing of the Company’s securities on a national securities exchange; the ability of the Company to comply with covenants under and repay its debt; the potential dilution of stock ownership by our capital raising efforts; management of growth; the outcome of any legal proceedings; volatility of the price of the Company’s securities due to a variety of factors, including publication of articles about the Company by third parties, changes in the competitive and highly regulated industries in which flyExclusive operates, variations in operating performance across competitors, changes in laws and regulations affecting flyExclusive’s business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of flyExclusive’s Annual Report on Form 10-K and other documents filed by the Company from time to time with the SEC. 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240812115424/en/
Media: Jillian Wilson, Marketing Specialist
media@flyexclusive.com
Investor Relations: Sloan Bohlen, Solebury Strategic Communications
investors@flyexclusive.com
Source: flyExclusive
FAQ
What is the total amount of preferred equity investment secured by flyExclusive (FLYX)?
flyExclusive (FLYX) has secured a total of $25 million in preferred equity investment.
How many shares of Series B Convertible Preferred Stock did flyExclusive (FLYX) agree to sell?
flyExclusive (FLYX) agreed to sell 25,510 shares of Series B Convertible Preferred Stock at $1,000 per share.
When will flyExclusive (FLYX) issue the remaining shares and warrants from the investment agreement?
flyExclusive (FLYX) expects to issue the remaining 5,102 shares and a warrant for 1 million common stock shares by August 15, 2024.
How will flyExclusive (FLYX) use the proceeds from the preferred equity investment?
flyExclusive (FLYX) plans to use the investment to upgrade and increase the size of their fleet, and execute their vertical integration strategy.