secwatch.observer — SEC 8-K summary
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Issuer:     Volato Group, Inc. (SOAR)
CIK:        0001853070
Form:       8-K
Filed at:   2023-12-07T23:59:59+00:00
Accession:  0001140361-23-056679
Event type: m_and_a
Sentiment:  neutral
Materiality: 1.00
Item codes: 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
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/0001140361-23-056679-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1853070/000114036123056679/ny20015054x6_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-056679

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