Kinston-based flyExclusive was added this week to the Russell 2000, Russell 3000 and Russell Microcap Indexes, the company announced.
Having its stock added to an index will increase flyExclusive’s visibility within the institutional investor community. Investment managers and institutional investors widely use the Russell indexes, with approximately $10.6 trillion in assets benchmarked against Russell’s U.S. indexes.
“We are incredibly proud to join the Russell indexes, which reflect flyExclusive’s ongoing commitment to performance, precision, and delivering unmatched private aviation experiences,” said Jim Segrave, founder and CEO of flyExclusive, in a statement. “This milestone increases the Company’s exposure with institutional shareholders and supports our goal to drive long-term shareholder value as we continue to execute on our compelling growth strategy.”
The Russell 3000 Index includes the largest public companies, while the Russell 2000 includes the smallest companies. The Russell Microcap index covers the smallest stocks in the Russell 2000 with market capitalizations between approximately $50 million and $300 million, although flyExclusive has a market cap of $377.4 million.
Shares of flyExclusive are up almost 79% in the past year, and up about 54% since Jan. 1. Shares closed Wednesday at $4.85, up 2 cents. Shares have traded between $1.79 and $6.89 in the past year.
Segrave launched the company in 2015 with two jets after selling his Segrave Aviation to Delta Air Lines. He has built one of the five largest companies in the charter jet industry, offering service on a mix of owned and leased aircraft, including light, midsize, super-midsize and large aircraft.
It also maintains, repairs and overhauls planes for third parties and its own fleet.
flyExclusive went public in affiliation with New York-based EG Acquisition, a “special purpose acquisition company,” or SPAC company that raised $225 million when it went public in 2021.
FlyExclusive has reported cumulative losses of about $78 million over the past two-and-a-half years. Revenue increased to $327 million last year from $208 million in 2021.