The Challenge

During a period of rapid industry growth, a leading private aviation company (the “Company”) identified an opportunity to scale its business by accessing public capital through a capital markets transaction.

The Company faced internal resource constraints associated with the demanding needs of the transaction process. The Company had never prepared SEC-compliant financial statements, and they quickly needed technical expertise to bridge the existing financial statements and footnotes to conform to SEC requirements for a proxy statement. Management also realized they needed to expand their internal team to meet the on-going reporting needs as a public company.

Finally, the Company needed an advisor who was intimately familiar with the SEC transaction process to help understand, guide, and execute various technical workstreams associated with the transaction. 

The Solution

Opportune was engaged to provide transaction experience and financial reporting expertise. The Opportune team had deep-rooted aviation industry experience. This was combined with the team’s public company experience and knowledge to help to support the Company in its efforts to timely access the public capital markets.

Opportune was engaged by the Company to provide SEC services including project management, drafting management’s discussion & analysis, pro forma financial statements and footnotes, and other key S-4 disclosures. Opportune also assisted with financial statement preparation services and technical reporting documentation. Documentation of key technical reporting issues was prepared for numerous technical topics to streamline the audit process for all interested parties, which included complex preferred stock instruments, debt issuances, warrants, earnings per share, and segment reporting.

Opportune was able to leverage its expertise to alleviate the capacity constraints of the Company, facilitate the audit process, and effectively complete key S-4 workstreams.

Business Impact

• The independent audit review was streamlined. Opportune was able to align the audit team and their specialists on key technical items with our extensive experience on similar transactions.
• The Company had reassurance that all relevant technical items were robustly documented to mitigate any related transaction delays and to reduce financial restatement risk and/or internal control and process ramifications.
• Opportune trained new individuals that the Company hired to support the on-going operations as a public company. This allowed a smooth transition and reduced the Company's reliance on Opportune's services.
• Opportune became an extension of the transaction team to guide the Company through highly technical S-4 and other workstreams.