Private jet company Volato has announced its plans to go public by merging with special-purpose acquisition company Proof Acquisition Corp. I. The combined company will trade under the ticker “SOAR” and be valued at $261.1 million on a pro-forma enterprise basis.
Aside from the merger, Volato has also secured funding through the issuance of preferred stock. Last month, the company raised $10 million from the Proof family of venture funds in a series A round.
Volato specializes in fractional ownership of jets and currently operates a fleet of 18 HondaJets. To expand its services, the company has placed orders for an additional 23 jets. Its fleet is stationed at various bases located in Atlanta, GA; St. Augustine, FL; Fort Lauderdale, FL; Baltimore, MD; Houston, TX; and Carlsbad, NM.
According to Volato Chief Executive Matt Liotta, the company generated nearly $100 million in sales last year. Liotta emphasizes the efficiency of their asset-light business model, which aims to maximize fleet utilization and profitability.
Volato is the latest private jet company to pursue a SPAC (special-purpose acquisition company) deal. Set Jet, a membership-based jet company, struck its own deal last month. However, FlexJet’s merger with the Horizon Acquisition SPAC was abandoned earlier this year. Meanwhile, flyExclusive is currently in the process of finalizing its merger with EG Acquisition, another SPAC. Wheels Up Experience went public in 2021 through a SPAC merger but has experienced a decline in its stock price, currently trading at around $2.00 per share.
