In a milestone for fast-growing private aviation firm Volato, the Atlanta-based company has closed on a business combination with special purpose acquisition company PROOF Acquisition Corp I (PACI) and secured additional equity financing. The combined entity will now operate under the Volato brand, and its common stock and warrants will start trading this morning on the New York Stock Exchange American under the new ticker symbols “SOAR” and “SOAR.WS.”

Concurrent with this arrangement, which was approved by PACI shareholders on 28 November, PACI announced the closing of additional private investments. When combined with financing completed earlier in the year — and the conversion of Volato convertible debt — the total capital raised exceeds $60 million.

“When we identified Volato as an ideal partner for PACI, we were impressed by the company’s innovative business model, proven results, and highly experienced team. These attributes, in combination with PACI’s deep aviation acumen and experience, help position Volato well for success as a public company,” says John Backus, CEO of blank check company PACI.

“Our two teams have worked together to bring over $60 million of fresh capital to Volato, positioning the company for a strong debut. We are very pleased with this outcome and want to thank our existing and new shareholders with whom we are invested alongside.”

Operating a fleet of four-seat HondaJet light jets — and with its first of four Gulfstream G280 twinjets slated to enter the fleet in the first quarter of 2024 — Volato is perhaps best known for its fresh approach to fractional ownership. “Fly where, when, and how you choose” with unlimited flight hours and a revenue share, the company urges.

Volato explains to Runway Girl Network: “Unlike most fractional ownership programs where you buy into a five-year term and make a commitment to fly a fixed number of hours per year, with Volato, irrespective of your fractional share size, you can fly as much or as little as you like. This alleviates the need to forecast your life five years out and also avoids you paying penalties for over or under flying.”

“What’s more,”, it continues, “we share revenue from your aircraft. The larger the share you purchase the lower your per hour rate to fly and the greater the revenue share. It’s similar to having the benefits of whole aircraft ownership at a fraction of the cost.

“Further, you have access to our entire fleet of modern HondaJets, right across the US, the Bahamas, and 225 miles into Canada and Mexico. You book your flights directly with our Concierge team who, we believe, provide the best customer experience in the industry today. We like to consider our fractional program the most flexible and efficient flight program in market today.”

With fractional shares also now available in the ten-passenger G280, the company reveals to RGN that it is working on a program where Gulfstream G280 fractional owners “can start flying right away”.

For those who aren’t ready to commit to a fraction of an aircraft, Volato also offers its so-called Volato Insider Program, enabling users to enjoy capped rates and access to dynamic pricing with “no blackout dates” and “no monthly nor membership fees”.

All Volato Part 135 charter flights are operated by its air carrier subsidiary (G C Aviation, Inc. d/b/a Volato) or by an approved vendor air carrier.

For Volato CEO and co-founder Matt Liotta, the transaction with PACI “provides not only the capital to accelerate our fleet growth and strategy, but also a level of transparency and institutional support that should make our product even more attractive to new fractional owners and private fliers”.

In addition to growing its fleet, Volato is focused on offering a superior passenger experience.

For instance, a large portion of its forthcoming new HondaJet deliveries, “more than 20 new aircraft”, have been earmarked to be fitted with SmartSky Networks’ small-footprint, lightweight LITE-branded inflight connectivity system. LITE offers a “streaming level, low latency broadband inflight Wi-Fi” service that has been specifically tailored for smaller aircraft, including the HondaJet light jet.

Volato also has a LOI for the longer-range HondaJet Echelon, with seating for up to 11 passengers. These aircraft are slated to arrive from 2028, the company tells RGN.

In compliance with applicable New York Stock Exchange rules, PACI is delisting its shares of common stock and warrants from the NYSE in connection with its combination with Volato, and planned listing by the combined entity of its shares of common stock and warrants on NYSE American.

“After founding the company in 2021 and quickly ramping to nearly $100 million of revenue in 2022, we are now positioned to build on this momentum as a public company. More importantly, we believe that our total funding and capitalization at closing provides us with sufficient capital to execute on our growth strategy and fund our path to profitability,” says Liotta.

“We’re thrilled to begin this new chapter and look forward to delivering more efficient, friendly, and rewarding solutions to travelers while creating value for our shareholders.”

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All images credited to Volato