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Edify Acquisition Corp (EAC) provides investors with comprehensive news coverage of this special purpose acquisition company focused on education technology and workforce innovation sectors. This resource aggregates official announcements, regulatory filings, and market analysis related to EAC's SPAC activities.
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Unique Logistics International, Inc. (OTCMKTS: UNQL) reported its third fiscal quarter results for the period ending February 28, 2023. The company experienced a net income of $0.7 million, a significant recovery from a loss of $4.9 million in the same quarter last year. Despite the gains, the quarter saw a decline in revenue to $49.6 million from $250.4 million, attributed to a downturn in the shipping market and reduced prices, especially in air freight.
The company closed on acquisitions on February 21, 2023, expected to enhance revenue in future quarters. Year-to-date, net income reached $7.3 million, up from $1.6 million. The working capital deficit stood at $9.7 million due to short-term financing for acquisitions. The upcoming merger with Edify Acquisition Corporation (NASDAQ: EAC) is anticipated to strengthen the company's position.
Unique Logistics International reported its third fiscal quarter results, ending February 28, 2023. The company closed key acquisitions on February 21, 2023, expected to enhance revenue starting in the next quarter. The third quarter saw revenues fall to $49.6 million, down from $250.4 million year-over-year, with a net income of $0.7 million, an improvement from a loss of $4.9 million in the same quarter last year. Year-to-date net income reached $7.3 million. The company's gross profit margin improved to 12.8%, while working capital showed a deficit of $9.7 million due to short-term financing for acquisitions. The upcoming merger with Edify Acquisition Corp, valued at $360 million, is expected to provide liquidity for further M&A activities.
Unique Logistics International has signed a merger agreement with Edify Acquisition Corp, aiming for Unique to become a Nasdaq-listed entity. The merger is expected to provide $35 million in senior secured financing to facilitate acquisitions and enhance working capital. Unique aims to expand in key markets, including Hong Kong, India, Vietnam, and the UK, while improving access to capital. The deal is anticipated to offer growth opportunities and liquidity upon completion.
Edify Acquisition Corp. has successfully closed its upsized initial public offering, raising $276 million by selling 27,600,000 units at $10.00 per unit. This includes 3,600,000 units from the full exercise of the underwriters' over-allotment option. Each unit comprises one share of Class A common stock and one-half of a redeemable warrant, with the warrants priced at $11.50 per share. The securities began trading on Nasdaq under the symbol EACPU on January 15, 2021.
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