Volato Completes PACI Merger, Prepares to Go Public

Volato has officially merged with PROOF Acquisition Corp I (PACI), clearing the way for the private aviation company to go public.

Kate O'Connor

Friday, December 01, 2023 at 05:50 PM ET

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Volato’s stock will begin trading on the New York Stock Exchange next week. [Shutterstock]

Key Takeaways:

Volato has completed its SPAC merger with PROOF Acquisition Corp I (PACI) and is set to begin trading on the New York Stock Exchange on December 4.
The company has raised over $60 million in capital through the merger and investments, which will be used to fund operations and accelerate its fleet growth, primarily consisting of HondaJets.
Volato, a private aviation company offering fractional ownership and other services, reported nearly $100 million in revenue in 2022 and aims to capitalize on strong market demand as a public entity.

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Volato has officially completed a special purpose acquisition company (SPAC) merger with PROOF Acquisition Corp I (PACI), clearing the way for the private aviation company to go public.

Volato, which offers fractional ownership, aircraft management, jet card, deposit, and charter programs, announced its plans to become a publicly traded company last August. PACI shareholders approved the move at a special shareholders meeting on November 28. Volato’s common stock and warrants are set to begin trading on the New York Stock Exchange on December 4.