secwatch.observer — SEC 8-K summary
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Issuer:     Volato Group, Inc. (SOAR)
CIK:        0001853070
Form:       8-K
Filed at:   2023-11-29T23:59:59+00:00
Accession:  0001140361-23-055150
Event type: m_and_a
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 3.02, 5.07, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PACI shareholders approve Volato merger; 6.4M shares redeemed; signs forward purchase deal
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/0001140361-23-055150-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1853070/000114036123055150/ny20015054x3_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-055150

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