PROOF Acquisition Corp I (PACI) Completes Volato Deal
by Marlena Haddad on 2023-12-01 at 4:43pm

PROOF Acquisition Corp I (NYSE: PACI) announced this afternoon that it has closed its business combination with private aviation company Volato after shareholders approved the deal at a meeting on November 28.

In total, including previous shareholder votes, shareholders opted to redeem an aggregate of 99.93% of PACI’s trust, leaving it with less than $215,000 post-completion vote.

Concurrent with the closing of the transaction, PACI disclosed the closing of an extra $12 million in private investments. These funds, along with the $14 million from Series A Preferred Equity completed in July 2023, were converted to common stock. When factoring in these transactions and the conversion of Volato’s convertible debt, the total capital raised surpasses $60 million.

Volato’s team is confident that the funding and capitalization secured upon closing provide sufficient capital to drive its growth strategy and fund its path to profitability.

The combined company will now operate under the Volato brand, and its common stock and warrants will start trading on December 4 on the NYSE American under the new ticker symbols “SOAR” and “SOAR.WS”.

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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