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Edify Acquisition Corp. (NASDAQ: EAC) is a special purpose acquisition company (SPAC) formed specifically for the purpose of executing a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company is strategically focused on identifying and collaborating with target businesses in the education, education technology, workforce development, and human capital management industries.
Edify Acquisition Corp. is actively engaged in seeking innovative and growth-oriented companies that align with its strategic vision. By leveraging its extensive industry expertise and capital resources, Edify aims to drive significant value creation post-merger, facilitating enhanced operational efficiencies and market expansion for the businesses it partners with.
One of the notable ongoing projects includes the planned merger with Unique Logistics International, Inc. (OTC: UNQL), a global logistics and freight forwarding company. This strategic partnership is set to transform Unique Logistics into a Nasdaq-listed entity, providing the necessary liquidity to implement its growth strategies, both organically and through acquisitions. Unique Logistics continues to expand its customer base, diversify its offerings, and reduce fixed costs to sustain growth even amid challenging economic conditions.
Edify Acquisition Corp. is dedicated to conducting thorough due diligence and maintaining a disciplined approach to identifying high-potential opportunities in the market. The company's financial position remains strong, enabling it to pursue large-scale and impactful transactions. Through strategic mergers and acquisitions, Edify aims to foster innovation, drive sectoral advancements, and contribute significantly to the industries it focuses on.
The company’s leadership team comprises experienced professionals with a proven track record in investment, corporate strategy, and operational management. Their collective expertise and strategic insights are pivotal to navigating the complexities of the market and achieving long-term success.
- Core Business: Mergers, amalgamations, share exchanges, asset acquisitions, share purchases, reorganizations, and similar business combinations.
- Target Industries: Education, education technology, workforce development, human capital management.
- Recent Achievement: Planned merger with Unique Logistics International, Inc.
- Strategic Focus: Innovation, operational efficiency, market expansion.
Edify Acquisition Corp. remains committed to its mission of identifying and unlocking value in high-potential businesses, ultimately delivering superior returns for its stakeholders.
Unique Logistics International, Inc. (OTCMKTS: UNQL) reported its third fiscal quarter results for the period ending February 28, 2023. The company experienced a net income of $0.7 million, a significant recovery from a loss of $4.9 million in the same quarter last year. Despite the gains, the quarter saw a decline in revenue to $49.6 million from $250.4 million, attributed to a downturn in the shipping market and reduced prices, especially in air freight.
The company closed on acquisitions on February 21, 2023, expected to enhance revenue in future quarters. Year-to-date, net income reached $7.3 million, up from $1.6 million. The working capital deficit stood at $9.7 million due to short-term financing for acquisitions. The upcoming merger with Edify Acquisition Corporation (NASDAQ: EAC) is anticipated to strengthen the company's position.
Unique Logistics International reported its third fiscal quarter results, ending February 28, 2023. The company closed key acquisitions on February 21, 2023, expected to enhance revenue starting in the next quarter. The third quarter saw revenues fall to $49.6 million, down from $250.4 million year-over-year, with a net income of $0.7 million, an improvement from a loss of $4.9 million in the same quarter last year. Year-to-date net income reached $7.3 million. The company's gross profit margin improved to 12.8%, while working capital showed a deficit of $9.7 million due to short-term financing for acquisitions. The upcoming merger with Edify Acquisition Corp, valued at $360 million, is expected to provide liquidity for further M&A activities.
Unique Logistics International has signed a merger agreement with Edify Acquisition Corp, aiming for Unique to become a Nasdaq-listed entity. The merger is expected to provide $35 million in senior secured financing to facilitate acquisitions and enhance working capital. Unique aims to expand in key markets, including Hong Kong, India, Vietnam, and the UK, while improving access to capital. The deal is anticipated to offer growth opportunities and liquidity upon completion.
Edify Acquisition Corp. has successfully closed its upsized initial public offering, raising $276 million by selling 27,600,000 units at $10.00 per unit. This includes 3,600,000 units from the full exercise of the underwriters' over-allotment option. Each unit comprises one share of Class A common stock and one-half of a redeemable warrant, with the warrants priced at $11.50 per share. The securities began trading on Nasdaq under the symbol EACPU on January 15, 2021.
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