EG Acquisition Corp. (NYSE:EGGF) announced this morning that it is pushing its extension vote from today to 12 pm ET May 19 to give it more time to engage with shareholders.
Shareholders at the rescheduled special meeting will consider a proposal to allow the SPAC to extend its transaction deadline from May 28 to August 28 and thereafter up to three more times in one-month increments to December 28.
EG’s sponsor is adding a new inducement to keep those shareholders engaged, offering to contribute the lesser of $160,000 or $0.04 per share for each month of the extension.
Along with the rescheduling, the SPAC’s redemption deadline has been moved to May 17, so shareholders will have the opportunity to consider this and potentially withdraw their redemption decisions. The SPAC estimates the redemption rate for the vote will be $10.24 and it last closed at $10.21.
In November, EG announced a $600 million combination with flyExclusive. Kinston, North Carolina-based flyExclusive is an owner and operator of private jet experiences with a floating fleet of over 90 light to heavy jets.
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