secwatch.observer — SEC 8-K summary
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Issuer:     Volato Group, Inc. (SOAR)
CIK:        0001853070
Form:       8-K
Filed at:   2024-12-05T23:59:59+00:00
Accession:  0001628280-24-049987
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Volato Group enters $36M convertible note deal; initial $4.5M tranche at 10% OID
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- Issued $4.5M initial convertible Note (purchase price $4.05M, 10% OID) to institutional investor; matures Dec 4, 2025.
- Additional tranches up to $30M subject to conditions: shareholder approval within 75 days, trading volume and VWAP thresholds.
- Conversion price initially $0.3660/share, subject to reset based on VWAP; floor price initially $0.0732 with periodic resets.
- Interest 4% p.a., payable in cash or stock; default rate 18%. 4.99% beneficial ownership limitation (can increase to 9.99%).
- Company prohibited from variable-rate transactions while Notes outstanding; covenant to register resale of conversion shares.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1853070/000162828024049987/0001628280-24-049987-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1853070/000162828024049987/soar-20241204.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-049987

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