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 via a SPAC merger with Proof Acquisition Corp I, expected to result in a $261 million enterprise value and trade under NYSE:SOAR.
Operating primarily HondaJets, Volato reported $96 million in gross revenues for 2022 and anticipates significant fleet expansion from 18 to 41 aircraft by December 2025.
This growth is projected to increase Volato's proforma annual recurring revenue from $90 million to $205 million, bolstered by recent Series A funding and convertible notes totaling $86.4 million.

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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.