PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28.
Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal.
The SPAC did not disclose redemption amounts but went into yesterday’s vote with 76.66% of its trust already redeemed from a previous extension meeting in May.
The closing of the business combination is anticipated to occur on or before December 1. Following the closing, the 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.
PROOF I inked its $261 million deal with Volato in August 2023. Atlanta-based Volato has developed a fleet of private aircraft and operates a fractional ownership and charter jet network based out of regional airports.
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