Mesa Air provides update on Republic Airways merger

On April 7, 2025, Republic Airways (RJET) Holdings and the Company announced that they had entered into a definitive agreement to merger and create a leading publicly-traded regional airline company in an all-stock transaction. Upon the closing, the combined company will be renamed Republic Airways Holdings Inc. and is expected to remain NASDAQ-listed under the new ticker symbol “RJET.” Set forth below are additional updates to the Merger and certain Merger highlights, as well as information previously set forth in the Company’s earnings release dated August 13, 2025. The company said, “The Company’s previously filed registration statement was declared effective by the SEC on September 30, 2025, and a definitive proxy statement/prospectus was filed with the SEC on October 2, 2025 and mailed to Mesa stockholders on or about October 3. Mesa’s special meeting of stockholders will be held on November 17, 2025, at 9:00 a.m. Mountain Standard Time, to vote on the proposals set forth in the Proxy Statement/Prospectus. The closing of the Merger is tentatively scheduled for November 19, 2025, subject to the terms and conditions of the Merger Agreement. Given the strong performance by Republic during the first half of calendar year 2025, we now estimate that the combined company would have twelve-month run-rate annual revenue in the range of approximately $1.8B to $2B. Additionally, for the first six months of calendar year 2025, Republic generated approximately $169M in adjusted EBITDA, and Mesa generated $14 million in adjusted EBITDA over the same six-month period, for a total of $183M. Our expectation is that we will continue to see strong combined financial performance in the second half of the calendar year. Further, we anticipate the pro forma cash and debt balances of the combined company post-Merger closing to be in excess of $300M and approximately $1.1B, respectively, with Mesa contributing no debt to the combined business. Post-Merger closing, the 60 E-175 aircraft we operate today will be supported by a new and enhanced approximately 10-year capacity purchase agreement with United Airlines.”