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AerSale Corp. has successfully merged with Monocle Acquisition Corp. (NASDAQ: MNCL), finalizing their business combination approved on December 21, 2020. The newly formed company, AerSale, will begin trading on the Nasdaq under the symbol ASLE on December 23, 2020. The merger aims to strengthen AerSale's financial position, allowing for expanded asset purchases and market reach in passenger-to-freighter conversions. AerSale plans to leverage its long-standing relationship with anchor investor Leonard Green & Partners for further growth in the aviation aftermarket sector.
Monocle Acquisition Corporation (NASDAQ: MNCL) announced an improved financial outlook from its merger partner, AerSale Corp. Following a strong third quarter, AerSale expects Pro Forma Adjusted EBITDA to range between $48 million and $52 million for 2020, and to exceed $53.9 million in 2021. Factors contributing to this growth include increased activity in Asset Management Solutions and strong demand in MRO services. AerSale's results do not include revenues from its recent acquisition of 24 Boeing 757-200 aircraft, which has drawn significant interest from operators.
AerSale, Inc. is nearing completion of initial flight testing for AerAware™, an innovative EFVS solution that improves visibility for pilots in low visibility conditions. This advanced technology integrates military-derived systems on commercial aircraft, specifically a modified Boeing 737-800 NG. The FAA has begun the certification process, with expectations for STC approval by Q4 2020. AerAware™ offers significant advantages, including enhanced safety and operational efficiency, enabling pilots to navigate with reduced visibility responsibly. The company anticipates finalizing its business combination with Monocle Acquisition Corporation (MNCL) in Q4 2020.
Monocle Acquisition Corporation (Nasdaq: MNCL) has announced a revised merger agreement with AerSale Corp., valuing the deal at approximately $300 million, or 5.5x forecasted 2021 Adjusted EBITDA. The transaction is expected to close in Q4 2020 post-shareholder approval. AerSale will retain $50 million from Monocle's trust account and will be debt-free upon closing, with projected revenues of $307 million for 2021. The revised structure aligns interests of stakeholders, allowing for substantial liquidity and growth opportunities in the recovering aviation market.
