Volato Plans to Go Public on the New York Stock Exchange via SPAC Merger

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

Wednesday, August 02, 2023 at 08:00 AM ET

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Once the SPAC merger is completed, Volato is expected to have an enterprise value of $261 million and will trade under the symbol of NYSE: SOAR. [Credit: Shutterstock]

Key Takeaways:

Fractional jet operator Volato plans to go public through a SPAC merger with Proof Acquisition Corp I (NYSE:PACI), expected to trade as NYSE: SOAR with an enterprise value of $261 million.
Volato, primarily operating HondaJets, finished 2022 with $96 million in gross revenues, generated from aircraft sales, annual management fees, and flight operations.
The company projects significant growth, anticipating its fleet to expand from 18 to 41 HondaJets by December 2025, which is expected to increase its annual recurring revenue (ARR) run-rate from $90 million to $205 million.
In conjunction with the SPAC, Volato also announced a $48.4 million Series A venture capital round and the conversion of $38 million in convertible notes into common equity.

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Fractional jet operator Volato, a leading provider of on-demand, jet card, and aircraft deposit programs, has announced plans to become a publicly traded company through a SPAC merger with Proof Acquisition Corp I (NYSE:PACI).

Once the SPAC merger is completed, Volato is expected to have an enterprise value of $261 million and will trade under the symbol of NYSE: SOAR. Matt Liotta, CEO and co-founder of Volato will continue to lead the company as a public entity. Volato’s executive management team is also expected to stay in their current positions post-merger.