Private aviation company Volato has completed a business combination with PROOF Acquisition Corp I (NYSE: PACI). The new entity will operate under the Volato brand, with its common stock and warrants commencing trading today, December 4, 2023, on the New York Stock Exchange American (NYSE American) under the new ticker symbols “SOAR” and “SOAR.WS.” Volato has added $60m in funding as part of this overall deal.
Concurrent with the closing of the business combination, PACI also announced the closing of an additional $12 million of private investments, which, along with the $14 million in series A preferred equity financing completed since July 2023, were converted to common stock at the time of the closing. Including these transactions and the conversion of Volato convertible debt, the total capital raised exceeds $60 million.
Matt Liotta, CEO & Co-Founder of Volato commented, “This is an exciting milestone for Volato, our customers, and our investors. 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.”
Nicholas Cooper, Chief Commercial Officer & Co-Founder of Volato added, “This transaction and recent new investments come at an ideal time for Volato, as we see strong demand for our product in the market. 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.”
Volato was founded in 2021 and has grown to a fleet of over 25 aircraft with over 25 more on order. It is a full-service private aviation company offering fractional ownership, aircraft management, jet card, deposit and charter programs, often with innovative unique features such as flexible hours and a revenue share for owners. The 4 seat HondaJet is the core aircraft withing the fleet and there are a variety of aircraft under management, while Volato’s fleet of new Gulfstream G280 aircraft start to arrive from Q1 2024.
New Large Cabin Partnership
Volato customers in the Gulfstream G280, HondaJet and Insider Program Max now have guaranteed access to Fly Alliance's large cabin aircraft that seat up to ten passengers.
“We are pleased to announce an agreement with Fly Alliance to offer our program customers access to their fleet of large cabin aircraft,” said Matt Liotta. “We are always seeking opportunities to enhance our capability to fulfill the varied requirements of our program customers. Access to Fly Alliance's fleet allows us to cater to larger group travel. As part of our unwavering commitment to safety, we conducted a comprehensive safety audit of Fly Alliance's operations which delivered excellent results.”
Customers placing deposits with Volato for the Gulfstream G280 and Volato Insider Max jet card can enjoy the benefits of this agreement starting from December 4. The guaranteed availability service is available in the U.S. (including Alaska and Hawaii), the Caribbean, Canada and Mexico every day of the year, subject to pricing and terms & conditions based on the customer’s Volato program.