---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-056679"
form_type: "8-K"
ticker: "SOAR"
cik: "0001853070"
company_name: "Volato Group, Inc."
filed_at: "2023-12-07T23:59:59+00:00"
generated_at: "2026-06-07T16:25:34.030534+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# PROOF Acquisition Corp I completes business combination with Volato, now Volato Group; starts trading under SOAR

## Summary
- Business combination completed Dec 1, 2023; PACI renamed Volato Group; shares commenced trading Dec 4 on NYSE American under SOAR.
- Redemption of 4,675,708 shares at $10.83/share for total $50.6M; remaining trust account $19.1M used for closing expenses.
- Post-combination shares outstanding: 28,043,449; warrants outstanding: 29,026,000 (13.8M public, 15.226M private).
- Volato raised $10.35M via Series A-1 Preferred (1,035,387 shares) that converted to common in the combination.
- New employment agreements for CEO Liotta ($310k base), CFO Heinen ($275k), and other officers with 12-month severance.

## SEC filing metadata
- accession: 0001140361-23-056679
- form_type: 8-K
- ticker: SOAR
- cik: 0001853070
- company_name: Volato Group, Inc.
- filed_at: 2023-12-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 5.06, 3.02, 4.01, 9.01, 2.03, 3.03, 5.01, 5.02, 5.03, 5.05, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/ny20015054x6_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-056679
- JSON: https://secwatch.observer/filing/0001140361-23-056679.json
- Plain text: https://secwatch.observer/filing/0001140361-23-056679.txt

## Key facts
- Governance Changes
  Volato Group, Inc.: Amended and Restated Bylaws adopted.
  - Change: bylaw amendment
  source text: the Board approved and adopted Volato Group’s Amended and Restated Bylaws, which became effective upon the consummation of the Business Combination.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm
- Governance Changes
  Volato Group, Inc.: New code of business conduct adopted.
  - Change: code of ethics
  source text: On the Closing Date, in connection with the Closing, the Board adopted a new code of business conduct applicable to all of Volato Group’s employees, officers and directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm
- Governance Changes
  Volato Group, Inc.: PACI ceased to be a shell company as a result of the Business Combination.
  - Change: shell status
  source text: As a result of the Business Combination, PACI ceased to be a shell company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm
- Governance Changes
  Volato Group, Inc.: Second Amended and Restated Certificate of Incorporation adopted.
  - Change: charter amendment
  source text: Volato Group’s Second Amended and Restated Certificate of Incorporation, which became effective upon filing with the Secretary of State of the State of Delaware on the Closing Date, includes the amendments included in the Charter Proposal.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm
- M&A Transactions
  Volato Group, Inc. underwent a change of control involving Volato, Inc. (closed 2023-12-01).
  - Action: change of control
  - Counterparty: Volato, Inc.
  - Closing: 2023-12-01
  source text: On December 1, 2023, Volato, Inc., a Georgia corporation (“Volato”), PROOF Acquisition Corp I, a Delaware corporation (“PACI”) and PACI Merger Sub, Inc., a Delaware corporation and a direct, wholly-owned subsidiary of PACI (“Merger Sub”), consummated the previously announced Business Combination Agreement, dated August 1, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm

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