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 become a publicly traded company 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, which primarily operates HondaJets, reported $96 million in gross revenues for 2022 and anticipates significant growth, projecting its fleet to expand from 18 to 41 HondaJets by December 2025, increasing annual recurring revenue (ARR) to $205 million.
Alongside the SPAC merger, Volato successfully raised $48.4 million in Series A venture capital funding and $38 million in convertible notes, both of which will convert to common equity when the merger is completed, expected in 2023.

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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.