PROOF Acquisition Corp I (NYSE: PACI) (“PACI”) today announced
that its stockholders voted to approve the previously announced
business combination with Volato, Inc. a leading private aviation
company in the United States, at the special meeting of
stockholders (the “Special Meeting”) held on November 28, 2023.
Approximately 97% of the votes cast at the Special Meeting were
cast in favor of the approval of the Business Combination.
The closing of the Business Combination is anticipated to occur
on or before December 1, 2023. Following the closing, the publicly
listed company will be named Volato Group, Inc., and its shares of
Class A Common Stock are expected to begin trading on the NYSE
American under the symbol SOAR.
PACI has filed a Form 8-K disclosing the full voting results of
the Special Meeting with the Securities and Exchange Commission
(“SEC”).
Advisors
BTIG, LLC and Roth MKM are serving as financial advisors to
Volato, Inc. Womble Bond Dickinson (US) LLP is serving as legal
advisor to Volato, Inc. Steptoe & Johnson LLP is serving as
legal advisor to PROOF Acquisition Corp I. Lowenstein Sandler LLP
is serving as legal advisor to PROOF.vc.
About Volato
Volato is a full-service private aviation company providing
modern ways to enjoy luxury private jets through innovative,
efficient, and sustainable solutions. Volato provides a fresh
approach to fractional ownership, aircraft management, jet card,
deposit and charter programs. Volato's fractional programs uniquely
offer flexible hours and a revenue share for owners in a fleet of
HondaJets, which are optimized for missions of up to four
passengers. For more information visit www.flyvolato.com.
All Volato Part 135 charter flights are operated by its
DOT/FAA-authorized air carrier subsidiary (G C Aviation, Inc.,
d/b/a Volato) or by an approved vendor air carrier.
About PROOF Acquisition Corp I
PACI is a blank check company incorporated as a Delaware
corporation for the purpose of effecting a merger, stock exchange,
asset acquisition, reorganization or similar business combination
with one or more businesses. PACI established a number of criteria
and guidelines in its initial public offering to identify a
potential business combination partner, including compelling
long-term growth prospects, attractive competitive dynamics,
consolidation opportunities, and products or services with large
total addressable markets. The key business characteristics PACI
focused on in identifying a potential business combination partner
included the potential for disruptive technology or business model;
attractive returns on invested capital; significant streams of
recurring revenue; operational improvement opportunities;
attractive steady-state margins, incremental margins, and
attractive free cash flow characteristics. For more information
about PACI, visit www.proof-paci.com/.
Forward Looking Statements
Some statements in this press release may be considered
“forward-looking statements” for purposes of the Federal securities
laws with respect to the Business Combination between Volato and
PACI, including statements regarding the anticipated benefits of
the Business Combination, the anticipated timing of the Business
Combination, the future financial condition and performance of
Volato, and the expected financial impacts of the Business
Combination (including future revenue and pro forma enterprise
value), markets, and expected future growth and market
opportunities. Forward-looking statements generally relate to
management’s current expectations, hopes, beliefs, intentions,
strategies, or projections about future events or PACI or Volato’s
future financial or operating performance. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,” “pro
forma,” project,” “should,” “would,” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by the forward-looking statements.
You should not rely on these forward-looking statements as
predictions of future events.
Forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by management of PACI
and Volato, are inherently uncertain. Factors that may cause actual
result to differ from current expectations include, but are not
limited to: the occurrence of any event, change, or other
circumstances give rise to the termination of definitive agreements
with respect to the Business Combination; the inability to satisfy
the other conditions of closing; changes to the proposed structure
of the Business Combination that may be required or appropriate as
a result of applicable laws or regulations or as a condition to
obtaining regulatory approval of the Business Combination; the
ability to meet stock exchange listing standards following
consummation of the Business Combination; the risk that the
Business Combination disrupts current plans and operations of
Volato as a result of the announcement and consummation of the
Business Combination; the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; the costs related to the Business
Combination; changes to existing applicable laws or regulations;
the possibility that Volato or the combined company may be
adversely affected by economic, business, or competitive factors;
Volato’s estimates of expenses and profitability; the evolution of
the markets in which Volato competes and Volato’s ability to enter
new markets effectively; the ability of Volato to implement its
strategic initiatives and continue to innovate its existing
services; the impact of government and other responses to public
health crisis such as pandemics on Volato’s business; and other
risks and uncertainties set forth in the section entitled “Risk
Factors” and Cautionary Note Regarding Forward-Looking Statements
in PACI’s final prospectus dated November 13, 2023 relating to its
initial public offering, and those risk factors set forth in PACI’s
Annual Report on Form 10-K, its subsequent Quarterly Reports on
Form 10-Q, the proxy statement/prospectus related to the
transaction, when it becomes available, and other documents filed
(or to be filed) by PACI from time to time with the SEC.
Forward-looking statements speak only as of the date they are
made. Investors are cautioned not to put undue reliance on
forward-looking statements, and Volato and PACI assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by securities and
other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and shall
neither constitute an offer to sell nor the solicitation of an
offer to buy any securities, nor a solicitation of a proxy, vote,
consent or approval in any jurisdiction in connection with the
Business Combination, nor shall there be any sale of securities in
any jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdictions. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231129119694/en/
For Media: media@flyvolato.com For Investors:
investors@flyvolato.com
Grafico Azioni PROOF Acquisition Corp I (NYSE:PACI)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni PROOF Acquisition Corp I (NYSE:PACI)
Storico
Da Lug 2023 a Lug 2024