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Volato and PROOF Acquisition Corp I have completed their business combination, as Volato shared on Dec. 1. The combined company will operate under the Volato brand and its common stock and warrants began trading on Dec. 4 on the New York Stock Exchange under the new ticker symbols of SOAR and SOAR.WS.
The previously announced business combination was discussed in a special meeting of shareholders held on Nov. 28, with approximately 97 percent of the votes cast in favor of the approval of the business combination. Along with the closing of the business combination, PACI announced the closing of an additional $12 million in private investments which has been converted to common stock at the time of closing, along with the $14 million in Series A Preferred Equity financing completed since July 2023. With these transactions and the conversion of Volato convertible debt, the total raised capital exceeds $60 million.
"This is an exciting milestone for Volato, our customers, and our investors," Volato CEO and Co-Founder Matt Liotta said. "We believe that this transaction provides not only the capital to accelerate our fleet growth and strategy, but also a level of transparency and institutional support that should make our product even more attractive to new fractional owners and private fliers. After founding the company in 2021 and quickly ramping to nearly $100 million of revenue in 2022, we are now positioned to build on this momentum as a public company. More importantly, we believe that our total funding and capitalization at closing provides us with sufficient capital to execute on our growth strategy and fund our path to profitability. We're thrilled to begin this new chapter and look forward to delivering more efficient, friendly, and rewarding solutions to travelers while creating value for our shareholders."RELATED STORY:Volato to go public on Wall Street in SPAC deal
The on-demand charter jet provider and aircraft management firm shared plans to go public on Aug. 2, announcing it entered an agreement with PACI. Working with a Special Purpose Acquisition Company has been a way for private companies to raise money through public trading outside of an initial public offering. Fellow industry member, Wheels Up, was the first private aviation company to take this route when it went public in July 2021.
"This transaction and recent new investments come at an ideal time for Volato, as we see strong demand for our product in the market," Volato CCO and Co-Founder Nicholas Cooper said. "The private aviation industry has undergone a secular expansion in recent years due to changes in customer behavior along with greater customer awareness of the options and solutions available for private travel. We're excited to welcome our new investors as we continue executing on a compelling long-term investment opportunity underpinned by a unique business model and revenue visibility."
In compliance with NYSE rules, PACI will delist its shares of common stock and warrants from the NYSE in connection with the completion of the business combination and the planned listing by the combined entity of common stock shares and warrants.
"When we identified Volato as an ideal partner for PACI, we were impressed by the company's innovative business model, proven results, and highly experienced team," PACI CEO John Backus said. "These attributes, in combination with PACI's deep aviation acumen and experience, help position Volato well for success as a public company. Our two teams have worked together to bring over $60 million of fresh capital to Volato, positioning the company for a strong debut. We are very pleased with this outcome and want to thank our existing and new shareholders with whom we are invested alongside."