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:

Private aviation company Volato has officially completed its SPAC merger with PROOF Acquisition Corp I (PACI) and will begin trading on the New York Stock Exchange on December 4.
The merger and related investments have secured over $60 million in capital, which Volato plans to use for accelerating fleet growth and business operations, particularly for its HondaJet fleet.
Volato aims to leverage its new public status to enhance transparency, attract new fractional owners, and capitalize on the strong demand and expansion in the private aviation industry.

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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.