flyExclusive, Inc. - FLYX STOCK NEWS

Volato, the largest HondaJet operator in the US, has announced a strategic agreement with flyExclusive (NYSEAMERICAN: FLYX) to transition its fleet operations management. This move aims to bring substantial cost savings and allow Volato to focus on high-growth areas like aircraft sales and proprietary software. Under the Aircraft Management Services Agreement (AMS), flyExclusive will manage all aspects of Volato's fleet operations, including revenue and expenses.

Volato will continue to take delivery of new HondaJets and Gulfstream G280s, which will become part of flyExclusive's managed fleet. The company will benefit from aircraft sales margins without operational costs and generate revenue from its proprietary software, including the Vaunt empty leg program. FlyExclusive will add its empty-leg flights to Vaunt, potentially increasing flight inventory by up to 500%. The companies are also discussing a potential merger to further integrate their strengths in the private aviation sector.

flyExclusive (FLYX) has entered an Aircraft Management Services Agreement with Volato Group, the largest HondaJet operator in the U.S. Under this agreement, flyExclusive will manage Volato's fleet operations, sales, and expenses, comprising 25 aircraft. The deal aims to transfer aircraft to flyExclusive's certificate over the coming months, subject to FAA approval.

This partnership is expected to be immediately accretive to flyExclusive's top and bottom line, with Volato's transferable revenues estimated at $75 million. flyExclusive will execute flights for Volato's customer base, including 184 fractional and 265 block customers, significantly increasing its direct-to-customer business. The agreement also grants flyExclusive access to Volato's technology and a large portion of empty-leg flights for Vaunt software subscription customers.

flyExclusive (NYSEAMERICAN: FLYX) has released its second quarter 2024 financial results through a Form 10-Q filed with the SEC. The company will discuss these results during a conference call scheduled for today at 5:00 pm ET. Interested parties can join the call by dialing 877-404-1250 or +1 215-268-9892. A live webcast of the call is also available on the company's investor relations website. The webcast replay will be accessible for twelve months after the call concludes.

The Form 10-Q, containing detailed financial information, can be accessed on flyExclusive's investor relations website or the SEC's official website. This release of quarterly results is a standard practice for public companies, providing transparency to investors and stakeholders about the company's financial performance and position.

flyExclusive (NYSEAMERICAN: FLYX) has announced it will release its second quarter 2024 financial results after market close on Wednesday, August 14, 2024. The company will host a conference call at 5:00 pm ET to discuss the results. Interested parties can join the call by dialing 877-404-1250 or +1 215-268-9892. A live webcast of the conference call will be available through a provided link and on the company's investor relations website. A replay of the webcast will be accessible on the website for twelve months following the call.

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) has promoted Matt Lesmeister to Chief Financial Officer (CFO), effective June 25, 2024. Lesmeister, who joined the company on May 30, 2024, previously held leadership roles at Fox Factory Holding Corp. and United Technologies. His expertise in finance and operational efficiency is expected to drive flyExclusive’s next growth phase.

Additionally, Zach Nichols has been promoted to Chief Accounting Officer after serving as Senior Vice President of Finance. Nichols has been with flyExclusive since 2020 and has a background in finance compliance and public accounting. CEO Jim Segrave expressed confidence in the new leadership team’s ability to enhance client experiences and execute the company’s business strategy.

Segrave also acknowledged the contributions of outgoing interim CFO Bill Barnard.

flyExclusive (NYSEAMERICAN: FLYX) has announced the JetQuity Protect residual value guarantee program for fractional owners of its Cessna Citation CJ3+ fleet. This program allows owners to lock in a minimum value for their share with a one-time fee, ensuring a guaranteed sale price after a five-year term regardless of market depreciation. The initiative aims to provide financial certainty and ease in planning investments. flyExclusive operates the world's second-largest Cessna Citation fleet, offering access without monthly management fees.

flyExclusive (NYSEAMERICAN: FLYX), a premium private jet charter provider, has enhanced its leadership team by appointing Matthew Lesmeister as Executive Vice President & Chief of Staff and promoting Chief Operating Officer Mike Guina to President. Lesmeister, with a background in operational efficiency and strategy from Fox Factory Holding, will oversee management and business development. Guina, who has been with the company since its early days, will now lead the fleet, dispatch, maintenance, and pilot operations. The leadership changes aim to drive growth, vertical integration, and operational excellence.

flyExclusive, a premium private jet charter company, announced it received a notice from NYSE American on May 21, 2024, for not timely filing its Form 10-Q for the period ended March 31, 2024. The notice does not immediately affect the company's stock listing. flyExclusive has six months from May 20, 2024, to regain compliance by filing the Form 10-Q. NYSE may extend this period by an additional six months or commence delisting proceedings if deemed necessary. The delay is attributed to the company's transition to a taxable in December 2023, requiring more time for financial reporting. flyExclusive is committed to filing the Form 10-Q soon and expects to regain compliance within the next few weeks.