Volato Plans to go Public via SPAC Pending Vote Tomorrow, Nov. 28th
A filing by Volato’s merger partner, PROOF Acquisition Corp I, indicates that the vote to approve the deal will take place tomorrow, November 28th.
(Reston, Virginia) Following its Nov. 13th filing of a definitive proxy statement outlining a proposed combination with private aviation company Volato, special purpose acquisition company PROOF Acquisition Corp I ("PACI") (NYSE: PACI) will vote on the merger tomorrow, November 28th.
Photo via Volato.
With offerings including fractional jets, jet cards, on-demand charter and aircraft management, Atlanta-based Volato is best-known for its fleet of Honda Jets and forthcoming Gulfstream G280s.
If the merger is approved, Volato is expected to trade under the ticker symbol SOAR as early as November 29th. The prospective deal was announced in August at a pro forma enterprise value of $261.1 million, or 2.7x its 2022 revenue, according to SpacInsider.
At the time of the August announcement, Volato reported that the business combination valued Volato at a pre-transaction equity value o f $190 million, and that the company had achieved 2022 revenues of nearly $100 million.
** Not investment advice; The FLY Report is not a registered investment advisor.
