Volato, An Innovator In Private Aviation, To Become A Public Company Via Business Combination With PROOF Acquisition Corp I
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Private aviation company Volato is set to become a public company through a business combination with PROOF Acquisition Corp I (NYSE:PACI). The deal values Volato at $190 million and is expected to provide $25 million in additional proceeds. Volato reported 2022 revenue of nearly $100 million. The combined entity will trade under the ticker symbol 'SOAR'. Volato also completed a Series A funding round led by PROOF.vc in July 2023.
August 04, 2023 | 11:05 am
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PROOF Acquisition Corp I (NYSE:PACI) is merging with Volato, a private aviation company. The deal values Volato at $190 million and is expected to provide $25 million in additional proceeds.
The merger with Volato is a significant event for PROOF Acquisition Corp I as it will transform the SPAC into a publicly traded company in the private aviation sector. The deal is expected to provide $25 million in additional proceeds, which could be used to fund growth and expansion. This could potentially increase the value of PACI's shares in the short term.
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