MNG Airlines To Go Community By Company Combination With SPAC Golden Falcon

(RTTNews) – MNG Havayollari ve Tasimacilik A.S., named as MNG Airways, , a logistics service provider and e-commerce enabler, Wednesday stated it has entered into a definitive agreement to turn out to be publicly traded as a result of a small business mix with Golden Falcon Acquisition Corp. (GFX), a distinctive reason acquisition company.

The transaction is predicted to shut in the 1st 50 % of 2023, soon after which MNGA will be stated on the New York Stock Trade below the new ticker symbol “MNGA”.

The proposed small business combination has been unanimously authorized by both of those the Board of Administrators of Golden Falcon and the Board of Administrators of MNGA.

The deal is also expected to have a professional-forma organization price of $676 million, assuming minimum gross transaction proceeds of $30 million.

MNG Airways services more than 15,000 corporate customers throughout 41 international locations by way of above 3,500 flights per calendar year. The company’s past twelve months revenue grew 39% yr in excess of calendar year to $353 million, with net money of $61 million and altered EBITDA of $116 million. For the a few months ended September 30, the Firm’s revenue grew 47% calendar year-on-year to $90 million, with web earnings of $26 million and Altered EBITDA of $27 million.

The enterprise mentioned it has been internet profits-constructive for the very last 10 years.

Ali Sedat Ă–zkazanc, CEO of MNGA, reported, “We see considerable price creation possible from turning into a publicly listed corporation in the U.S., with the expectation that it will enable transformative professional agreements, build an acquisition forex, and align administration incentives with shareholders.”

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