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MERGER WITH MESA AIR GROUP, INC. (Tables) | 3 Months Ended
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Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Business Combination | The issuance of common stock to effectuate the Merger was as follows as of November 25, 2025:
Mesa common stock outstanding as of November 25, 2025 (1) |  | 2,792,531
Issuance of Mesa Parent RSUs at vesting concurrent with closing of Merger |  | 61,011 |
Total Mesa common stock |  | 2,853,542 |
Republic common stock outstanding as of November 25, 2025 |  | 1,004,108 |
Shares of Republic RSUs issued and vested upon closing of Merger |  | 21,156 |
Total Republic common stock |  | 1,025,264 |
Exchange Ratio |  | 38.9933 |
Resulting shares of Mesa common stock issued for Republic shares outstanding (2) |  | 39,978,395 |
Issuance of Republic restricted stock units |  | 1,264,210 |
Shares of common stock of Mesa before the application of the Three Party Agreement |  | 44,096,147 |
Mesa common stock issued in accordance with the Three Party Agreement (6.0% of the total Mesa shares of common stock at closing of the Merger) |  | 2,853,454 |
Total outstanding shares of common stock and restricted stock units as of November 25, 2025 |  | 46,949,601 |
(1)The amounts presented herein reflect the impact of the Reverse Stock Split. (2)Fractional shares were settled in cash. Merger consideration as of November 25, 2025 was as follows:
Merger consideration (in millions, except share and per share amounts) |  |
Total shares outstanding |  | 46,949,601 |  |
Price per share at fair value (1) |  | $ | 21.00 |  |
Implied enterprise value |  | $ | 985.9 |  |
Republic equity relinquished (2) |  | 11.9 |  | %
Equity Merger consideration at fair value |  | 117.5 |  |
Other consideration at fair value |  | 2.7 |  |
Total Merger consideration |  | 120.2 |  |
(1)Closing stock price of Mesa Parent common stock at close of business immediately prior to Merger closing, November 24, 2025. (2)Includes settlement of Escrow Shares allocable to the Company accounted for as an equity participation right in the condensed consolidated balance sheet at the closing of the Merger.
Schedule of Recognized Asset Acquired and Liability Assumed | The following table summarizes the preliminary purchase price allocation, including resulting goodwill:
(in millions) |  | Provisional Fair Value
Assets acquired: |  |
Cash and cash equivalents |  | $ | 19.6 |
Inventories |  | 19.5 |
Other current assets |  | 14.5 |
Other current assets—related parties |  | 25.7 |
Property and equipment |  | 22.6 |
Deferred income taxes |  | 19.0 |
Goodwill |  | 120.4 |
Other non-current assets |  | 8.9 |
Total assets acquired |  | 250.2 |
Liabilities assumed: |  |
Operating lease liability |  | 6.6 |
Accounts payable |  | 55.3 |
Accounts payable—related parties |  | 0.7 |
Accrued expenses and other current liabilities |  | 65.9 |
Accrued expenses and other current liabilities—related parties |  | 0.5 |
Other non-current liabilities |  | 1.0 |
Total liabilities assumed |  | 130.0 |
Net assets acquired |  | $ | 120.2 |

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