---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-037494"
form_type: "8-K"
ticker: "SOAR"
cik: "0001853070"
company_name: "Volato Group, Inc."
filed_at: "2023-08-02T23:59:59+00:00"
generated_at: "2026-06-12T14:53:54.415487+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# PROOF Acquisition Corp I signs $190M merger agreement with Volato, Inc.

## Summary
- Aggregate merger consideration of $190M plus up to $60M in private financing; Volato shareholders to receive Class A shares.
- Sponsor support agreement: Sponsor votes all Founder Shares in favor; uses up to 50% of Founder Shares to satisfy minimum cash condition.
- Certain Volato and PACI insiders enter 180-day lock-up on shares received; lock-up may be waived earlier by Sponsor and PACI.
- Closing conditions include PACI stockholder approval, SEC registration statement effectiveness, and $35M minimum cash available at close.
- Business Combination must close by December 1, 2023; either party may terminate if conditions not met.

## SEC filing metadata
- accession: 0001140361-23-037494
- form_type: 8-K
- ticker: SOAR
- cik: 0001853070
- company_name: Volato Group, Inc.
- filed_at: 2023-08-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1853070/000114036123037494/0001140361-23-037494-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1853070/000114036123037494/brhc20056848_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-037494
- JSON: https://secwatch.observer/filing/0001140361-23-037494.json
- Plain text: https://secwatch.observer/filing/0001140361-23-037494.txt

## Key facts
- Material Agreements
  Volato Group, Inc. entered into Business Combination Agreement with PROOF Acquisition Corp I, PACI Merger Sub, Inc., Volato, Inc. (effective 2023-08-01).
  - Action: entry
  - Agreement: merger
  - Counterparty: PROOF Acquisition Corp I, PACI Merger Sub, Inc., Volato, Inc.
  - Effective: 2023-08-01
  source text: On August 1, 2023, PROOF Acquisition Corp I, a Delaware corporation (prior to the Effective Time (as defined below), " PACI " and, at and after the Effective Time, " Volato Group ") entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the " Business Combination Agreement ") with PACI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of PACI (" Merger Sub "), and Volato, Inc., a Georgia corporation (" Volato ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123037494/0001140361-23-037494-index.htm

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