Volato

Case alleges the fractional charter jet operator violated U.S. labor law when it laid off 233 employees without providing advanced notice.

The fractional charter jet operator has entered into an aircraft management services agreement with its competitor flyExclusive.

The move comes as the CEO of the fractional aircraft operator said the company is ‘facing financial pressure.’

The deal will create a new authorized HondaJet service facility in Florida.

The company expects to take delivery of at least 10 more aircraft in 2024.

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

Once the SPAC merger is completed, Volato is expected to have an enterprise value of $261 million.

The private aviation company expects delivery by the end of 2025.

The resiliency of the turbine-powered business and owner-flown aviation markets has defied the pains of a global pandemic.

Volato currently has 17 HondaJets in its fleet, and the 25-aircraft order announced Thursday is incremental and firm, the company said.