--- schema_version: "secwatch.filing_event.v1" accession: "0001140361-23-055150" form_type: "8-K" ticker: "SOAR" cik: "0001853070" company_name: "Volato Group, Inc." filed_at: "2023-11-29T23:59:59+00:00" generated_at: "2026-06-07T20:30:59.053166+00:00" event_type: "m_and_a" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # PACI shareholders approve Volato merger; 6.4M shares redeemed; signs forward purchase deal ## Summary - Stockholders approved all proposals including the Business Combination with Volato; closing expected by Dec 3, 2023. - 6,423,300 shares redeemed at ~$10.78/share, withdrawing ~$69.3M from trust; only 19,798 Class A shares remain. - Forward Purchase Agreement with Vellar to buy up to 2M shares open market to reduce redemptions; seller waives redemption & voting rights. - Post-merger entity to be Volato Group, Inc., common stock to trade on NYSE American under symbol SOAR. ## SEC filing metadata - accession: 0001140361-23-055150 - form_type: 8-K - ticker: SOAR - cik: 0001853070 - company_name: Volato Group, Inc. - filed_at: 2023-11-29T23:59:59+00:00 - event_type: m_and_a - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 3.02, 5.07, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/ny20015054x3_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001140361-23-055150 - JSON: https://secwatch.observer/filing/0001140361-23-055150.json - Plain text: https://secwatch.observer/filing/0001140361-23-055150.txt ## Key facts - Shareholder Votes Volato Group, Inc. shareholders approved Advisory - increase authorized shares of Class A Common Stock from 70,000,000 to 80,000,000 at the 2023-11-28 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-11-28 source text: (i). a proposal to increase the authorized number of shares of Class A Common Stock from 70,000,000 to 80,000,000 evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Advisory - change voting threshold to approve amendments to certain provisions of the Proposed Charter at the 2023-11-28 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-11-28 source text: (v). a proposal to change the voting threshold to approve amendments to certain provisions of the Proposed Charter evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Advisory - change quorum required for meetings of the Board at the 2023-11-28 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-11-28 source text: (ii). a proposal to change the quorum required for meetings of the Board evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Approve and adopt the Business Combination Agreement and approve the merger and other transactions at the 2023-11-28 meeting. - Proposal: merger approval - Outcome: passed - Meeting: 2023-11-28 source text: The BCA Proposal - a proposal to (a) approve and adopt the Business Combination Agreement evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Approve issuance of up to 20,707,600 shares of Class A Common Stock pursuant to the Business Combination Agreement at the 2023-11-28 meeting. - Proposal: equity plan - Outcome: passed - Meeting: 2023-11-28 source text: For Against Abstain 11,491,636 406,697 0 The Stock Issuance Proposal - a proposal to approve, for purposes of complying with applicable evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Approve the 2023 Stock Incentive Plan at the 2023-11-28 meeting. - Proposal: equity plan - Outcome: passed - Meeting: 2023-11-28 source text: The Stock Incentive Plan Proposal - a proposal to approve the 2023 Stock Incentive Plan evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Approve proposed amended and restated certificate of incorporation at the 2023-11-28 meeting. - Proposal: charter amendment - Outcome: passed - Meeting: 2023-11-28 source text: The Charter Amendment Proposal - a proposal to approve the proposed amended and restated certificate of incorporation of PACI evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Advisory - require a supermajority vote for the removal of directors at the 2023-11-28 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-11-28 source text: (iv). a proposal to require a supermajority vote for the removal of directors evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm - Shareholder Votes Volato Group, Inc. shareholders approved Advisory - impose a non-citizen voting limitation at the 2023-11-28 meeting. - Proposal: say on pay - Outcome: passed - Meeting: 2023-11-28 source text: (iii). a proposal to impose a non-citizen voting limitation evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.