Deal description: Volato, Inc., (“Volato”) a leading private aviation company in the United States, and PROOF Acquisition Corp I (NYSE: PACI) (“PACI”) today announced the completion of their business combination (the “Business Combination”). The combined company will now operate under the Volato brand, and its common stock and warrants will commence trading on December 4, 2023 on the New York Stock Exchange American under the new ticker symbols “SOAR” and “SOAR.WS.” The Business Combination was approved at a Special Meeting of PACI shareholders held on November 28, 2023.

Concurrent with the closing of the Business Combination, PACI also announced the closing of an additional $12 million of private investments, which, along with the $14 million in Series A Preferred Equity financing completed since July 2023, were converted to common stock at the time of the closing of the Business Combination. Including these transactions and the conversion of Volato convertible debt, the total capital raised exceeds $60 million.

The special committee of the board of PROOF Acquisition Corp I received a fairness opinion from LSH Partners Securities LLC (“LSH”). Baker Botts L.L.P. served as legal advisor to LSH.

The official press release can be found here.

Baker Botts Lawyers/Offices Involved:

Corporate: Lee D. Charles (Partner, New York), Lakshmi Ramanathan (Special Counsel, Houston)

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