flyExclusive Releases Shares of Class A Common Stock and Warrants from Lock-Up Agreement
The Company notified EG of its desire to remove the lock-up on EG Sponsor's Class A Common stock and warrants, to which EG Sponsor agreed, as the Company believes it positions flyExclusive to be included in the Russell Indices, which is expected to benefit its shareholders through increased volume and liquidity and support the Company's capital raising efforts.
Brad Garner, Chief Financial Officer of flyExclusive, said 'EG Sponsor and its affiliates have been, and will continue to be, outstanding financial and strategic partners to flyExclusive. Since entering the public markets, we have grown the business in a disciplined and thoughtful way, and we look forward to expanding our shareholder base through future inclusion in the Russell Indexes.'
About flyExclusive
flyExclusive is a vertically integrated, FAA-certificated air carrier providing private jet experiences by offering customers a choice of on-demand charter, Jet Club, and fractional ownership services to destinations across the globe. flyExclusive has one of the world's largest fleets of Cessna Citation aircraft, and it operates a combined total of approximately 100 jets, ranging from light to large cabin sizes. The company manages all aspects of the customer experience, ensuring that every flight is on a modern, comfortable, and safe aircraft. flyExclusive's in-house repair station, aircraft paint, cabin interior renovation, and avionics installation capabilities, are all provided from its campus headquarters in Kinston, North Carolina. To learn more, visit www.flyexclusive.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: the ability to be included in the 2025 Russell Indices; if included, inclusion in the 2025 Russell Indices might not provide increased liquidity or volume in the Company's Class A common stock or provide the Company with greater access to capital; management of growth; the ability of the Company to file timely file its required annual and quarterly reports with the SEC; the ability of the Company to maintain compliance with NYSE American continued listing standards and maintain the listing of the Company's securities on a national securities exchange; the ability of the Company to comply with covenants under and repay its debt; the potential dilution of stock ownership by our capital raising efforts; the outcome of any legal proceedings; volatility of the price of the Company's securities due to a variety of factors, including publication of articles about the Company by third parties, changes in the competitive and highly regulated industries in which flyExclusive operates, variations in operating performance across competitors, changes in laws and regulations affecting flyExclusive's business; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; and the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the 'Risk Factors' section of flyExclusive's Annual Report on Form 10-K for the year ended December 31, 2024 and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.
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Business Wire
2 hours ago
- Business Wire
NextDecade Provides Second Quarter 2025 Business Update
HOUSTON--(BUSINESS WIRE)--NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) today provided an update on developmental and strategic activities for the second quarter 2025 and early third quarter 2025. 'NextDecade continues to make significant progress constructing Phase 1 of Rio Grande LNG safely and developing expansion capacity at Rio Grande LNG. We recently completed the commercialization of Train 4, updated the engineering, procurement, and construction (EPC) contract for Train 4, signed our first long-term offtake agreement for Train 5, and signed the EPC contract for Train 5,' said Matt Schatzman, NextDecade's Chairman and Chief Executive Officer. 'Phase 1 remains on schedule and on budget, and we are progressing Trains 4 and 5 quickly toward final investment decisions (FIDs).' 'In April, we completed the commercialization of Train 4 with the announcement of 20-year LNG sale and purchase agreements (SPAs) with Aramco and TotalEnergies, which join ADNOC as the long-term customers supporting Train 4. In May, we announced a 2 million tonnes per annum (MTPA), 20-year LNG SPA with JERA, marking the first long-term SPA for Train 5 and serving as a testament to the strong demand we continue to see for offtake from the Rio Grande LNG Facility.' 'We are progressing the financing process for Train 4 and, subject to finalizing adequate financing, we expect to achieve a positive FID on Train 4 by mid-September 2025.' 'We continue to work on contracting an additional 2.5 MTPA under long-term SPAs to support a positive FID on Train 5. We have started the financing process for Train 5 and, subject to obtaining appropriate commercial support and financing, we are targeting FID of Train 5 in mid-September 2025.' Significant Recent Developments Construction Under the EPC contracts with Bechtel Energy Inc. (Bechtel), Phase 1 progress is tracked for Train 1, Train 2, and the common facilities on a combined basis and Train 3 on a separate basis. As of June 2025: The overall project completion percentage for Trains 1 and 2 and the common facilities of the Rio Grande LNG Facility was 48.3%, which is in line with the schedule under the EPC contract. Within this project completion percentage, engineering was 91.9% complete, procurement was 80.6% complete, and construction was 21.2% complete. The overall project completion percentage for Train 3 of the Rio Grande LNG Facility was 22.7%, which is also in line with the schedule under the EPC contract. Within this project completion percentage, engineering was 55.7% complete, procurement was 45.5% complete, and construction was 2.2% complete. Strategic and Commercial In April 2025, the Company announced a 20-year LNG SPA with a subsidiary of Saudi Aramco (Aramco), pursuant to which the Aramco subsidiary will purchase 1.2 MTPA of LNG from Train 4 at the Rio Grande LNG Facility for 20 years, on a free on board (FOB) basis at a price indexed to Henry Hub, subject to a positive FID on Train 4. In April 2025, the Company announced that TotalEnergies exercised its LNG purchase option with respect to Train 4 and the Company entered into a 20-year LNG SPA with TotalEnergies, pursuant to which TotalEnergies will purchase 1.5 MTPA of LNG from Train 4 at the Rio Grande LNG Facility for 20 years, on an FOB basis at a price indexed to Henry Hub, subject to a positive FID on Train 4. The Company believes sufficient long-term commercial agreements are now in place to support a positive FID on Train 4. In May 2025, the Company announced a 20-year LNG SPA with JERA, pursuant to which JERA will purchase 2.0 MTPA of LNG from Train 5 at the Rio Grande LNG Facility for 20 years, on an FOB basis at a price indexed to Henry Hub, subject to a positive FID on Train 5. In June 2025, the Company finalized a pricing refresh of the Company's lump-sum, turnkey EPC contract with Bechtel for the construction of Train 4 and related infrastructure and executed a lump-sum, turnkey EPC contract with Bechtel for the construction of Train 5 and related infrastructure. Pricing validity under the Train 4 and Train 5 EPC contracts extends through September 15, 2025. Financial In April 2025, Rio Grande LNG, LLC elected to terminate $250 million of commitments under its working capital facility due to a decrease in expected requirements for credit support during construction, which reduced the outstanding commitments under the working capital facility to $250 million and is expected to reduce related commitment fees by approximately $2 million annually. In May 2025, the Company's wholly-owned subsidiary, Rio Grande LNG Super Holdings, LLC, entered into an amended credit agreement with the lender of its existing senior secured loan to increase the loan amount by $50 million to a total of $225 million initial principal. Incremental proceeds from the senior secured loan were disbursed at closing on May 14, 2025, and net proceeds will be used to fund working capital and general corporate purposes, including development expenses for expansion trains at the Rio Grande LNG Facility and specifically pre-FID expenses for Trains 4 and 5. Borrowings under the senior secured loan bear interest at 12.0%, with interest payable quarterly. Interest may be paid in-kind until March 31, 2027 and up to 50% in-kind thereafter. The senior secured loan matures December 31, 2030. In conjunction with the closing of the May 2025 amendment to the senior secured loan, the Company issued warrants that are exercisable for an aggregate of approximately 2.0 million shares of NextDecade common stock to the lender of the senior secured loan. The warrants are exercisable for five years after the amendment date. The warrants are exercisable at $9.30 per share, which represented a 30% premium to the volume weighted average price for the 30 trading-day period immediately preceding the amendment date. Regulatory In July 2025, FERC issued a final SEIS for the first five liquefaction trains at the Rio Grande LNG Facility. Based on its published schedule, FERC anticipates issuing a final order on the remand by November 20, 2025. Rio Grande LNG Facility NextDecade is constructing and developing the Rio Grande LNG Facility on the north shore of the Brownsville Ship Channel in south Texas. The site is located on approximately 1,000 acres of land, which has been leased long-term and includes 15,000 feet of frontage on the Brownsville Ship Channel. The Company believes the site is advantaged due to its proximity to abundant natural gas resources in the Permian Basin and Eagle Ford Shale, access to an uncongested waterway for vessel loading, and location in a region that has historically been subject to fewer and less severe weather events relative to other locations along the U.S. Gulf Coast. The Rio Grande LNG Facility has been permitted by the FERC and authorized by the DOE to export up to 27 MTPA of LNG. Phase 1 at the Rio Grande LNG Facility is under construction, Train 4 has been commercialized and is being progressed toward FID, Train 5 is being commercialized and progressed toward FID, and the Company is developing and beginning the permitting process for Trains 6 through 8. Phase 1 (Trains 1-3) Phase 1 at the Rio Grande LNG Facility is under construction. Phase 1 includes three liquefaction trains with a total expected LNG production capacity of approximately 18 MTPA, two 180,000 cubic meter full containment LNG storage tanks, and two jetty berthing structures designed to load LNG carriers up to 216,000 cubic meters in capacity. Phase 1 also includes associated site infrastructure and common facilities including feed gas pretreatment facilities, electric and water utilities, two totally enclosed ground flares for the LNG tanks and marine facilities, two ground flares for the liquefaction trains, roads, levees surrounding the development area, and warehouses, administrative, operations control room, and maintenance buildings. As of June 2025, progress on Trains 1 through 3 is in line with the schedule under the EPC contracts. During the second quarter 2025, the construction team continued piping fabrication, rebar installation, equipment setting and concrete placement, and structural steel erection in the areas of Trains 1, 2, and 3. The eighth wall lift was completed for Tank 1. Across the site, Bechtel also continued installing concrete foundations, instrument air receivers, floodgates, permanent fencing, temporary facilities, and other siteworks. NextDecade holds equity interests in the Phase 1 joint venture that entitle it to receive up to 20.8% of the distributions of available cash during operations. Final Investment Decision on Train 4 The Company has completed commercialization of Train 4 and has executed 20-year LNG SPAs totaling 4.6 MTPA of LNG with ADNOC, Aramco, and TotalEnergies in support of Train 4. In June 2025, the Company finalized an EPC contract pricing refresh with Bechtel for Train 4 and related infrastructure. Pricing validity under the EPC contract for Train 4 extends through September 15, 2025. The Company launched the financing process for Train 4 in June 2025 and expects to finance construction of Train 4 using a combination of debt and equity funding at the project level. The Company is in the process of entering into a term loan bank facility at Rio Grande LNG Train 4, LLC for the debt portion of the funding. The Company's Phase 1 equity partners each have options to invest in Train 4 equity which, if exercised, would provide 60% of the equity funding required for Train 4. The Company expects the Phase 1 equity partners to exercise their options to participate in Train 4 equity. NextDecade currently expects to fund 40% of the equity commitments for Train 4, and to have an initial economic interest of 40% in Train 4, which will increase to 60% after its equity partners achieve certain returns on their investments in Train 4. NextDecade is in the process of financing its equity capital for Train 4. The Company expects to achieve a positive FID on Train 4 by mid-September 2025, subject to obtaining adequate financing. Final Investment Decision on Train 5 The Company is also progressing Train 5 toward FID, and the commercialization process is underway for Train 5. In May 2025, the Company announced a 20-year LNG SPA with JERA for 2.0 MTPA of LNG in support of Train 5. The Company is targeting an additional 2.5 MTPA of long-term contracts to support a positive FID of Train 5. In June 2025, the Company finalized an EPC contract with Bechtel for Train 5 and related infrastructure. Pricing validity under the EPC contract for Train 5 extends through September 15, 2025. The Company began the financing process for Train 5 in the second quarter 2025 and expects to finance construction of Train 5 using a combination of debt and equity funding at the project level. The Company expects to enter into bank facilities at Rio Grande LNG Train 5, LLC for the debt portion of the funding. Certain of the Company's Phase 1 equity partners have options to invest in Train 5 equity, which if exercised, would provide 50% of the equity funding required for Train 5. Inclusive of these options, NextDecade currently expects to fund the balance of the equity commitments for Train 5, and to have an initial economic interest of up to 50% in Train 5, which will increase to up to 70% after its equity partners achieve certain returns on their investments in Train 5. The Company continues to pursue financing for Train 5 and, subject to obtaining appropriate commercial support and financing, is targeting FID by mid-September 2025. Development of Additional Liquefaction Capacity The Company is developing and beginning the permitting process for additional liquefaction capacity at the Rio Grande LNG Facility site beyond Trains 1 through 5. Trains 6 through 8 are wholly owned by NextDecade and are cumulatively expected to increase the Company's total liquefaction capacity by approximately 18 MTPA once constructed and placed into operation. Train 6 is being developed inside the existing levee at the Rio Grande LNG Facility site and adjacent to Trains 1 through 5. The Company expects to pre-file an application with FERC for Train 6 in 2025 and a full application with FERC in early 2026. The Company is evaluating multiple areas on the site for the development of Trains 7 and 8 and expects to provide an update on the expected permitting timeline for Trains 7 and 8 in 2025. Investor Presentation NextDecade has posted an updated investor presentation to its website concurrently with this release. A copy of this release and the investor presentation can be found on its website at About NextDecade Corporation NextDecade is committed to providing the world access to reliable, lower carbon energy. We are focused on delivering secure, low-cost, and sustainable energy solutions through the safe and efficient development and operation of natural gas liquefaction and carbon capture and storage infrastructure. Through our subsidiaries, we are developing and constructing the Rio Grande LNG natural gas liquefaction and export facility near Brownsville, Texas, with approximately 48 MTPA of potential liquefaction capacity currently under construction or in development. We are also developing a potential carbon capture and storage project at the facility that is expected to make meaningful impacts toward a lower carbon future. NextDecade's common stock is listed on the Nasdaq Stock Market under the symbol 'NEXT.' NextDecade is headquartered in Houston, Texas. For more information, please visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words 'anticipate,' 'contemplate,' 'estimate,' 'expect,' 'project,' 'plan,' 'intend,' 'believe,' 'may,' 'might,' 'will,' 'would,' 'could,' 'should,' 'can have,' 'likely,' 'continue,' 'design,' 'assume,' 'budget,' 'guidance,' 'forecast,' and "target," and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade's periodic reports that are filed with and available from the Securities and Exchange Commission. The taking of a final investment decision on Trains 4 and 5 at the Rio Grande LNG Facility is subject to, among other things, maintaining requisite governmental approvals, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. Additionally, any development of additional expansion trains at the Rio Grande LNG Facility or CCS projects remains contingent upon receipt of requisite governmental approvals, execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
Fox News
3 hours ago
- Fox News
Trump admin cuts red tape on commercial drones to compete with China's dominance of the market
Delivery drones could soon take to the skies in full force, following a landmark proposed rule by the Federal Aviation Administration (FAA). The long-anticipated rule is aimed at allowing drones to operate beyond the visual line of sight (BVLOS) — a move designed to counter China's dominance in unmanned aviation. Currently, operators must obtain individual FAA waivers — only 657 issued so far — to fly drones beyond where they can physically see them, hampered by months of delay and bureaucratic setbacks. "Because of that complication, I don't think we saw the innovation that we should have in America," said Transportation Secretary Sean Duffy on Tuesday. "Our new rule will reform outdated regulations that were holding innovators back," the secretary claimed. "Thanks to President Trump, America — not China — will lead the way in this exciting new technology." This regulatory shift comes amid growing concern that the U.S. drone industry lags behind a Chinese sector dominated by firms like DJI, which controls as much as 90 percent of the global commercial drone market. Critics have warned that investment and development have drifted to China while American rules hold drones grounded. "From search and rescue and public safety to package delivery, this is a big win for every industry and institution that would benefit from the expanded use of drones," Rep. Jen Kiggans, R-Va., who led the effort to expand commercial drone use in Congress, told Fox News Digital. "Our society isn't ever going to go backwards. Drone use is a reality." President Donald Trump issued executive orders in June 2025 instructing the FAA to expedite BVLOS rulemaking and directing federal agencies to favor American-made drones while tightening oversight of Chinese-made models. Despite strong momentum, the FAA has a history of missed deadlines. Industry groups and lawmakers note that the NPRM has already been delayed past the congressional deadline initiated by the FAA Reauthorization Act of 2024, which called for a proposed rule within four months of enactment and a final rule within 20 months. Industry experts have warned that further delays threaten billions in economic opportunity for America's drone sector. They say it has delayed large-scale implementation of drones to perform tasks like inspecting powerlines and pipelines or carting medical supplies between facilities. The new rule launches a formal public comment period, expected to last about 60 days. Government agencies, drone manufacturers, and public safety partners will review the draft and submit feedback. After review, FAA aims to finalize the BVLOS rule by early 2026, though that timeline depends on the volume of comments and the remaining regulatory work. It comes at a time when the public remains spooked by commercial flight mishaps. But the new rule would require such drones to be built with collision-avoidance technology that can sense and stay away from aircraft and fly at an altitude of 400 feet or lower.
Yahoo
3 hours ago
- Yahoo
5 Signs Things Are About to Go From Bad to Worse
How to improve that gut feeling. I'm slightly neurotic — but can generally drag myself back into the realm of rationality. Yet every now and then, I get a feeling that 'Something is very wrong.' The few times I've had this feeling, something actually did go wrong. Our gut instincts are usually right. Yet that doesn't mean they detect every threat. Here are a few more signs. 1. Requests for private conversation Years ago, I was in one of my first corporate jobs. I thought things were going fine. I was working hard and hitting my performance metrics. Suddenly, the company lost a key client that generated 60% of revenue. Within a few months, rumors spread that layoffs were coming. First, managers assured us everything was fine. Then managers said they didn't know but not to worry. Then they said if there were layoffs, but we'd get advanced notice. Then — employees' desks started turning up empty. Near the end, I thought I was in the clear — until I got a meeting invitation from an HR manager I'd never met. I got the invite on two hours' notice, which was also ominous. Still, I'd somehow convinced myself, 'Nah, they can't be firing me. I've been doing everything I'm supposed to do.' As I walked into the meeting office — there were two HR women waiting. The energy in the room said everything. I sat down and felt numb. She talked but I didn't hear or remember much of what she said, other than near the end, with her saying, 'I'm sorry.' A few minutes later, I walked out without my employee badge. I quietly slinked out of the building, feeling a strange and new sense of shame. You never think it's going to be you. Many more would be let go by the end. The lesson it taught me It's often a very bad sign if a manager asks you to talk privately, or off to the side. It's especially precarious if you get a meeting invite from HR, and the meeting has no title. Getting let go makes you tougher. It teaches you to have a survival instinct, and not to buy into the 'we are family' nonsense that executives love to spew. Any company can say they are family. But they still fire family. 2. The sign that you should run, literally In the military, there's a saying, 'If you see an EOT run — run.' EOT stands for Explosive Ordnance Technician. They're the guys who detect and defuse bombs, as depicted in The Hurt Locker. The saying also highlights the importance of listening to your seniors. If someone with more experience than you, who is ordinarily calm, starts getting nervous, even if it's over a trivial detail — pay attention. Their concern usually means that trivial detail isn't so trivial. They've seen stuff go down. You can look at this another way too. If you're collaborating on a project with an experienced partner — don't be nervous if they are still calm and confident. They'll let you know when to worry. 3. The signs you need to get out sooner Years ago, I learned from a divorce counselor that the sooner a personality issue bubbles up in a relationship, the harder it is to make go away. This might seem counterintuitive. For example, if you see jealousy signs sneaking past a person's guard early on, it's probably only going to get worse. The problem is that people who are jealous, angry, or unstable, are not that way because of the relationship. They're that way because it's who they are. Studies have shown that these traits are often genetic and also encoded in childhood. They don't just flip and change on a whim. You have to chip them out of concrete (figuratively speaking). Nobody ever wakes up and says, 'Hey, I want to date a possessive, unstable tyrant.' It happens because people don't see it until it's too late. If character flaws start bubbling up early on, don't sell yourself that tacky line, 'I can change him!' Eventually, you'll find yourself doing things not to make someone happy, but to avoid making them angry. And that's when you know you're in a dark place. 4. Signs you are about to get sucker punched I worked as a bouncer and learned a ton about fights and de-escalating them. For the record, I didn't last long as a bouncer. I'm not some tough guy. I only got the job because I'm a larger guy. Here's what I learned If someone is in your face, angry, and overcome with emotion —you are always at risk of being sucker punched — full stop. The biggest danger is that they are too close. Things trend worse if they're repeating themselves over and over. It means adrenaline has hijacked their brain. They're on the verge of sucker punching you. There's no way to predict a sucker punch. They are all different. Sometimes he looks away first. Sometimes he looks at the ground. Other times, they look right at you. There's an old saying by Bruce Lee, 'Never take your eye off your opponent, even when you are bowing.' If they are yelling and aggressive, keep them at arm's length. That's the best thing you can do, and just reiterate that you can't let them get that close to you. But be willing to walk away. One of the most dangerous things you can do is get into a street fight. To you, it might be a street fight. To them, it might be much more. You win every street fight you avoid. 5. The signs your company is in trouble Years after I was laid off, I wisened up. I noticed something important for job security. After I moved up as a financial analyst, I was able to sit in on executive meetings. These meetings gave full visibility into the health of the company. These executives saw trouble long before most of the grunts did. If your COO, CFO, and CMO, all suddenly leave within a few months of each other — that's generally a very bad signal. In stock trading, executive turnover is an actual sign analysts use to downgrade a company. Most executives are competent and high performers. They don't suddenly lose their touch en masse and get pushed out. They know something is wrong and see trouble on the horizon first. You should too. Recap for memory: 5 signs things are about to get worse Someone who knows more is getting concerned (or runs). Top-level executives are fleeing the company en masse. You are asked to speak privately by your superior. An aggressor has lost control of their emotions and is repeating themselves. A new person you've just begun dating starts showing character flaws (jealousy, anger). Solve the daily Crossword
