New Vista Acquisition Signs Nonbinding LOI with Verijet

New Acquisition today announced it signed a nonbinding letter of intent for a business combination with Verijet, which provides private aviation services as the largest fleet operator of Cirrus Vision jets. The company operates 19 jets in the Northeast, Southeast and West Coast.

The Cirrus Vision jet, winner of the 2017 Collier Trophy “for the greatest achievement in aeronautics . . . in America,” according to a press release, is currently the only single-engine turbofan aircraft widely available in the private aviation marketplace.

The Cirrus Vision jet has such safety features as a turbo-fan powered aircraft with a full aircraft parachute as well as Garmin Autoland, which autonomously lands the plane with the push of a single button if a pilot is unable to fly, allowing it to be operated safely with a single pilot.

New Vista Acquisition has scheduled a Feb. 10 meeting for shareholders to vote on a proposal that would give the SPAC until February 2024 to close a deal. A separate ballot measure, if approved, would allow the New Vista board to liquidate operations early, at its discretion, and redeem all outstanding stock.

Led by Dennis Muilenburg, Boeing's CEO from 2015 to 2019, the SPAC was reportedly in deal talks with Canadian airline Flair last fall, although nothing came from those discussions.

The SPAC raised $240 million in a February 2021 . Read more.

Source: New Vista Acquisition Signs Nonbinding LOI with Verijet