Shareholders of PACI, a special purpose acquisition company, have overwhelmingly approved a merger with the private aviation company Volato Inc., marking a significant move in the private jet service industry. The merger, which received approximately 97% of the vote in favor at a special meeting on Tuesday, is expected to be finalized by December 1, 2023. The resulting entity will be known as Volato Group, Inc. and will be listed on the NYSE American under the ticker symbol "SOAR".
Volato, recognized for its approach to private aviation, offers a unique revenue-sharing fractional ownership model, which allows clients to buy flexible hours on its fleet of efficient HondaJets. The company's services are provided through Part 135 charter flights, which are operated by its subsidiary G C Aviation or through approved vendors.
The strategic merger aligns with PACI's investment strategy to partner with companies that showcase disruptive innovation and have the potential for robust growth. The combination is poised to create a new force in the aviation market, leveraging Volato's unique business model and PACI's expertise in identifying and nurturing high-growth potential entities.
Financial advisory for the deal was provided by BTIG, LLC and Roth MKM, with legal counsel from Womble Bond Dickinson (US) LLP for Volato and Steptoe & Johnson LLP for PACI. Additionally, PROOF.vc, a venture capital firm, received legal advice from Lowenstein Sandler LLP.
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