Overview
(December 1, 2023, Washington, DC) – Steptoe announced the completion of the business combination (the Business Combination) between client PROOF Acquisition Corp I (NYSE: PACI) (PACI) and Volato, Inc., (Volato) a leading private aviation company in the United States. The combined company will now operate under the Volato brand, and its common stock and warrants will commence trading on December 4, 2023 on the New York Stock Exchange American (NYSE American) under the new ticker symbols "SOAR" and "SOAR.WS." The Business Combination was approved at a Special Meeting of PACI shareholders held on November 28, 2023.
Concurrent with the closing of the Business Combination, PACI also announced the closing of an additional $12 million of private investments, which, along with the $14 million in Series A Preferred Equity financing completed since July 2023, were converted to common stock at the time of the closing of the Business Combination. Including these transactions and the conversion of Volato convertible debt, the total capital raised exceeds $60 million.
The Steptoe team was led by partners Scott Fisher and Lisa Zarlenga; and included partner Lauren Azebu, of counsel Danielle Fern, and associates Irene He and Claire Parker.
About Steptoe
In more than 110 years of practice, Steptoe has earned an international reputation for vigorous representation of clients before governmental agencies, successful advocacy in litigation and arbitration, and creative and practical advice in structuring business transactions. Steptoe has more than 500 lawyers and other professional staff across offices in Beijing, Brussels, Chicago, Hong Kong, London, Los Angeles, New York, San Francisco, and Washington. For more information, visit www.steptoe.com.
