Argentina’s low-cost airline, Flybondi Limited, has declared its intent to go public with a listing on the Nasdaq Stock Market and a definitive merger agreement with Integral Acquisition Corporation 1 (NASDAQ: INTE).
The company’s shares are scheduled to be traded on Nasdaq under the symbol “FLYB,” marking a significant milestone for the Argentine aviation industry.
Flybondi to Become Publicly Traded Company…
Under the leadership of Chairman Peter Yu, Flybondi has demonstrated commendable resilience and diligence, resulting in the establishment of a truly world-class carrier despite enduring economic challenges and the complexities posed by the pandemic.
Yu expressed enthusiasm for the upcoming Nasdaq listing, citing the exchange’s reputation for hosting some of the” most innovative and fastest-growing global enterprises”.
This move is expected to provide an opportunity for Flybondi to showcase its remarkable growth and success to a broader international audience.
Emphasizing the company’s dedication to passenger safety, service excellence, and affordability, CEO Mauricio Sana reiterated Flybondi’s commitment to offering customers “La Libertad de Volar” – the freedom to fly.
Notably, Flybondi has garnered a significant 20% market share in Argentina’s domestic air travel segment, serving over nine million passengers since its launch in 2018.
With operational bases in Ezeiza and Aeroparque airports in Buenos Aires, the airline presently operates flights to 20 destinations across Argentina and Brazil.
Integral 1’s Chief Executive Officer and Board Member, Enrique Klix, expressed excitement at the prospect of bringing Flybondi to the public markets, highlighting the airline’s potential for substantial growth through a combination of organic development and increased operational leverage.
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The planned transaction, structured as a share exchange and subsidiary merger, has received approval from the boards of directors of both Integral 1 and Flybondi.
The completion of the merger is anticipated in the first half of 2024, subject to regulatory approvals.
Upon the conclusion of the merger, the combined entity will continue operating under the Flybondi brand, with Flybondi’s current executive management team leading the way.
Additionally, any remaining cash on the combined company’s balance sheet, after addressing transaction-related expenses, is expected to be allocated towards working capital, future growth initiatives, and general corporate purposes.
With the planned Nasdaq listing and the imminent merger, Flybondi is poised to expand its global footprint and further solidify its position as a key player in the international aviation landscape.
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