Proof Acquisition Corp I extends business combination deadline to Dec 2023; 21M shares redeemed

Volato Group, Inc.

Shareholders approved extension of business combination deadline from June 3, 2023 to December 3, 2023.
21,156,902 Class A shares redeemed from trust, totaling approximately $222.2M (~$10.50 per share).
Sponsor funds $480,000 for first three-month extension; monthly $160,000 payments thereafter.
Only 6.4M Class A shares (23%) remain in trust after massive redemptions (77% withdrawn).

item 1.01 item 3.03 item 5.03 item 5.07 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Volato Group, Inc.: Extended the deadline to consummate an initial business combination from June 3, 2023 to December 3, 2023 (effective 2023-06-03).

Change: charter amendment
Effective: 2023-06-03

Exact text from the filing

The Extension Amendment (i) extends the date by which the Company must consummate its initial Business Combination from June 3, 2023 to December 3, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Volato Group, Inc. amended Investment Management Trust Agreement with Continental Stock Transfer & Trust Company.

Action: amendment
Counterparty: Continental Stock Transfer & Trust Company

Exact text from the filing

PROOF Acquisition Corp I, a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company entered into Amendment No. 1 (the “Trust Agreement Amendment”) to the Investment Management Trust Agreement, dated as of November 30, 2021 (the “Trust Agreement”).

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Volato Group, Inc. shareholders approved approve and amend the Certificate of Incorporation to extend the date by which the Company must consummate a Business Combination from June 3, 2023 to December 3, 2023 at the 2023-05-19 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-05-19

Exact text from the filing

The Extension Amendment Proposal - To approve and amend the Certificate of Incorporation to extend the date by which the Company must consummate a Business Combination from June 3, 2023 to December 3, 2023. For Against Abstain 29,303,947 1,239,483 0

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Volato Group, Inc. shareholders approved approve and amend the Trust Agreement allowing the Company to extend the period of time required to consummate a Business Combination from June 3, 2023 to December 3, 2023 at the 2023-05-19 meeting.

Proposal: merger approval
Outcome: passed
Meeting: 2023-05-19

Exact text from the filing

The Trust Agreement Amendment Proposal - To approve and amend the Trust Agreement allowing the Company to extend the period of time required to consummate a Business Combination from June 3, 2023 to December 3, 2023. For Against Abstain 29,303,937 1,239,483 0

View on SEC.gov

25 governance changes filed in the last 30 days. Browse all governance changes →

Volato Group, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-026461

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