Flybondi will become the first Argentine airline to be listed on the Nasdaq Stock Market. This was announced today detailing that a definitive business combination agreement will be signed with Integral Acquisition Corporation 1, expecting its shares to trade under the symbol «FLYB».
As detailed in a press release, «the planned transaction was structured as a share exchange and subsidiary merger (the «Combination Agreement»), and has been approved by the Boards of Integral 1 and Flybondi. The transaction execution date is estimated to be during the first half of 2024, subject to the corresponding regulatory approvals, approvals by Integral 1 and Flybondi shareholders, and the fulfillment of certain customary conditions for transactions of this nature, including the review by the United States Securities and Exchange Commission («SEC») of the informative statement/prospectus related to the Combination Agreement and the approval to list securities by Nasdaq«.
«Once the proposed Combination Agreement is executed, the combined company will continue to operate under the name of Flybondi, and Flybondi’s Executive Committee will continue to lead it. The remaining funds of the combined company indicated in its financial statements at the close of the Combination Agreement, after paying the expenses linked to it, will be used by the combined company for working capital, to continue growth, and to fulfill its corporate purposes«, the company continues.
«A Flybondi affiliate recently established FB Parent Limited, a limited liability company incorporated under the laws of England and Wales («FB Parent»), which in turn established (i) Gaucho MS, Inc., a Delaware corporation («Merger Sub»), as its subsidiary. In accordance with the transactions contemplated by the Combination Agreement, (i) FB Parent will acquire the shares of Flybondi from the Flybondi shareholders who are part of the Combination Agreement, in exchange for ordinary shares in FB Parent and (ii) Merger Sub will merge with Integral 1, with Integral 1 being the surviving entity and a wholly-owned subsidiary of FB Parent«, they conclude about the operation description.
Regarding this, Peter Yu, Chairman of the Board of Flybondi, said, «Flybondi’s success is the result of the disciplined execution of our great team of 1,400 professionals. Despite the economic challenges and the pandemic, I am convinced that our team has built a world-class airline. This listing process will allow us to showcase this Argentine success on Nasdaq, where the fastest-growing and most innovative companies in the world are located«.
«All of us on the team are dedicated to providing the best service and the best rates to our millions of customers in Argentina and the region. We are fully committed every day to offering our passengers the Freedom to Fly. This public listing is a significant step in Flybondi’s dynamic growth«, added Mauricio Sana, CEO of the low-cost airline.
For his part, Enrique Klix, CEO and member of the Board of Integral 1, said they were «attracted by Flybondi’s potential to achieve significant long-term growth through a combination of organic development and leveraging the business. We were impressed with Flybondi’s competitive market position in a high-growth industry, and also with its operational stability based on managerial talent and efficient processes«.
Flybondi’s Figures
- Since its first flight in January 2018, it has transported more than 9 million passengers.
- It holds 20% of the domestic market in Argentina and 5% of the regional international market.
- Its network reaches 20 destinations in Argentina and Brazil.
- Its fleet consists of 15 Boeing 737-800.
- It employs over 1,400 people.
