Atlanta, Georgia-headquartered HondaJet fleet operator Volato is about to go public following its business combination agreement with PROOF Acquisition Corp, a Special Purpose Acquisition Company.

The combined entity is expected to trade under the ticker symbol ‘SOAR’ and will adopt Volato as the corporate operating brand. Volato CEO and co-founder Matt Liotta will lead the combined company.

Liotta says: “Volato is primed to be a change maker in the private aviation industry, and we are excited to be merging with PACI to drive this opportunity forward. Our asset-light business model is structured to maximise fleet utilisation and profitability, while our attention to service provides a seamless and elevated aviation experience for our owners and passengers. Since inception, our team has consistently exceeded its goals, including generating nearly $100 million in revenue in 2022. Bringing Volato to the public markets will allow us to build on this momentum and accelerate our vision to provide unique and customised travel experiences that deliver a better aviation experience for all our customers.”

“Volato is the ideal partner for PACI,” adds CEO John Backus. “We were impressed by the depth of experience across the management team, which is highly complementary to PACI's deep aviation acumen and expertise. We were also attracted to Volato's innovative yet simple business model, set within a highly regulated, traditional industry that is ripe for disruption. The private aviation industry is buffered from many of the headwinds that face other industries, and Volato is further protected through its entry-point positioning and efficient best-in-class HondaJet fleet. We believe this merger and related funding provide a unique high-growth, low-volatility opportunity to be part of a strong operating company, and we are committed to helping drive growth over the long-term.”

Nicholas Cooper, chief commercial officer and co-founder of Volato says: “We believe the merger with PACI will provide us access to capital that funds our business plan through to profitability, alongside a complimentary team that is eager to work together to drive innovation in private aviation. With the additional equity funding, we can continue executing against our near-term business objectives. Overall, we are excited to broaden our investor base and share a compelling long term investment opportunity underpinned by a unique business model and revenue visibility."

Thanasis Delistathis, managing member and co-founder of PROOF.vc states: “Volato fits with our fund's investment strategy of pursuing rapidly growing, expansion-stage companies with a clear path to near-term profitability. The Volato management team's entrepreneurial approach to private aviation creates a unique and defensible business model with strong prospects for outsized growth.”

The management team and investors are committed to long-term, stable growth and will be rolling 100 per cent of their Volato equity into the new company. Many of Volato's fractional owners who have signed up to five-year programmes have already invested in the company. Volato's senior management will continue to serve in their current roles, and the current owners will retain approximately 63.5 per cent of the ownership at close.