Charter & Fractional
Flexjet Scraps IPO, Continues Growth Plans
Flexjet plans to remain "opportunistic" in the capital markets and continue growth after terminating an agreement to go public through a SPAC merger.
Flexjet is moving forward with plans to add aircraft, staff, and infrastructure after terminating its SPAC agreement to go public.
Flexjet is moving forward with plans to add aircraft, staff, and infrastructure after terminating its SPAC agreement to go public. (Photo: Flexjet)

Flexjet yesterday scrapped plans to go public through a combination with special purpose acquisition company (SPAC) Horizon Acquisition Corp. II. In October, the fractional ownership provider announced the agreement to go public with Horizon with the expectation that the transaction would conclude by mid-2023 and result in proceeds to help fund fleet, program, and geographic expansion. The board of directors for both companies had approved the proposed deal.

Flexjet chairman Kenn Ricci, however, said the company believed the decision to terminate at this point was in the best interests of the aircraft share owner customers, employees, and stakeholders, and stressed the move would have “no impact on growth initiatives we have launched during the past several years.” 

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