secwatch.observer — SEC 8-K summary
======================================

Issuer:     Volato Group, Inc. (SOAR)
CIK:        0001853070
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001140361-23-037494
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1853070/000114036123037494/0001140361-23-037494-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1853070/000114036123037494/brhc20056848_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-037494

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer