Volato Group, Inc., a private aviation company specializing in aircraft ownership programs, management services, and charter flights, has filed an S-1/A registration statement with the SEC for a public offering of Class A Common Stock and Warrants. The company, which operates a fleet primarily of HondaJet HA-420 aircraft, reported a Q1 2024 net loss of $17.4 million on revenues of $13.2 million, marking a decrease from the previous year. For the fiscal year 2023, the net loss was $52.8 million with revenues totaling $73.3 million. Volato Group has entered into various agreements, including a forward purchase agreement and employment agreements with key executives. The company's shares are listed on the NYSE American under the symbol 'SOAR' and it is classified as an 'emerging growth company...Show More

Volato Group, Inc., a private aviation company specializing in aircraft ownership programs, management services, and charter flights, has filed an S-1/A registration statement with the SEC for a public offering of Class A Common Stock and Warrants. The company, which operates a fleet primarily of HondaJet HA-420 aircraft, reported a Q1 2024 net loss of $17.4 million on revenues of $13.2 million, marking a decrease from the previous year. For the fiscal year 2023, the net loss was $52.8 million with revenues totaling $73.3 million. Volato Group has entered into various agreements, including a forward purchase agreement and employment agreements with key executives. The company's shares are listed on the NYSE American under the symbol 'SOAR' and it is classified as an 'emerging growth company' and a 'smaller reporting company,' which allows for certain reporting exemptions. Volato Group has implemented cost-saving measures and is seeking to raise additional capital for future operations. The company's management team includes CEO Matthew Liotta and CCO Nicholas Cooper, among others, and its Board of Directors has two independent directors. Volato Group has adopted corporate governance guidelines, a code of ethics, and has policies in place for reviewing and approving related party transactions. The company's equity compensation plans include the 2021 Plan and the 2023 Plan, which allow for various stock awards and have provisions for change of control. As of July 11, 2024, Volato Group had 29,517,731 shares of Common Stock issued and outstanding, with authorized capital including 80,000,000 shares of Class A Common Stock and 1,000,000 shares of Preferred Stock. Stockholders have one vote per share and dividends are subject to applicable laws and the rights of any outstanding preferred stock series. The company's transfer agent and registrar is Continental Stock Transfer & Trust Company, and there are anti-takeover provisions in the Charter and Delaware law that could make it difficult to acquire the company or remove incumbent officers and directors.