---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-026461"
form_type: "8-K"
ticker: "SOAR"
cik: "0001853070"
company_name: "Volato Group, Inc."
filed_at: "2023-05-25T23:59:59+00:00"
generated_at: "2026-06-14T15:00:35.502951+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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- Only 6.4M Class A shares (23%) remain in trust after massive redemptions (77% withdrawn).

## SEC filing metadata
- accession: 0001140361-23-026461
- form_type: 8-K
- ticker: SOAR
- cik: 0001853070
- company_name: Volato Group, Inc.
- filed_at: 2023-05-25T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.03, 5.03, 5.07, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1853070/000114036123026461/0001140361-23-026461-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1853070/000114036123026461/brhc20053324_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-026461
- JSON: https://secwatch.observer/filing/0001140361-23-026461.json
- Plain text: https://secwatch.observer/filing/0001140361-23-026461.txt

## Key facts
- Governance Changes
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123026461/0001140361-23-026461-index.htm
- Material Agreements
  Volato Group, Inc. amended Investment Management Trust Agreement with Continental Stock Transfer & Trust Company.
  - Action: amendment
  - Counterparty: Continental Stock Transfer & Trust Company
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123026461/0001140361-23-026461-index.htm
- Shareholder Votes
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123026461/0001140361-23-026461-index.htm
- Shareholder Votes
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123026461/0001140361-23-026461-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.