FlyExclusive releases shares from lock-up agreement

FlyExclusive stated that it had executed a waiver letter, effective immediately.

The letter waived the lock-up of 5,625,000 shares of the Company’s Class A common stock and warrants to purchase 4,333,333 shares of the Company’s Class A common stock owned by EG Sponsor LLC and its affiliates.

The waiver excluded those shares attributable to the former independent directors of EG Acquisition Corp.

Those shares were only subject to a one-year lock-up that has now expired.

The lock-up has been in effect for over 18 months.

It began with the company’s merger with EG Acquisition Corp.

That closed on December 27, 2023.

It was set to expire on December 27, 2026.

Per the announcement:

‘FlyExclusive notified EG of its desire to remove the lock-up on EG Sponsor’s Class A Common stock and warrants, to which EG Sponsor agreed, as the company believes it positions flyExclusive to be included in the Russell Indices, which is expected to benefit its shareholders through increased volume and liquidity and support the Company’s capital raising efforts.’

FlyExclusive CFO Brad Garner said, “EG Sponsor and its affiliates have been, and will continue to be, outstanding financial and strategic partners to FlyExclusive.”

He continued, “Since entering the public markets, we have grown the business in a disciplined and thoughtful way, and we look forward to expanding our shareholder base through future inclusion in the Russell Indexes.”

In May, the company stated that it had expected to be included in the Russell list.

Last month, FlyExclusive announced a last-mile seaplane and Caravan service linking South Florida with the Bahamas and Florida Keys.