The United States Securities and Exchange Commission (SEC) has issued comments on the Form S-1 registration statement filed by Volato Group, Inc. on January 12, 2024. In a letter dated February 6, 2024, addressed to CEO Matthew Liotta, the SEC outlined several areas requiring amendment or additional information. The SEC requests disclosure of the purchase price paid by selling securityholders for common shares and warrants, the exercise price of warrants in relation to market price, and the impact of these on the company's liquidity. The SEC also highlighted discrepancies between projected and actual revenues, noting that Volato Group is likely to miss its 2023 revenue projection and may face further risks to business operations and liquidity. The SEC's comments also addressed the potential...Show More

The United States Securities and Exchange Commission (SEC) has issued comments on the Form S-1 registration statement filed by Volato Group, Inc. on January 12, 2024. In a letter dated February 6, 2024, addressed to CEO Matthew Liotta, the SEC outlined several areas requiring amendment or additional information. The SEC requests disclosure of the purchase price paid by selling securityholders for common shares and warrants, the exercise price of warrants in relation to market price, and the impact of these on the company's liquidity. The SEC also highlighted discrepancies between projected and actual revenues, noting that Volato Group is likely to miss its 2023 revenue projection and may face further risks to business operations and liquidity. The SEC's comments also addressed the potential impact of the sale of a substantial portion of shares on the market price of Volato Group's common stock, noting that shares offered for resale by selling stockholders represent approximately 45% of the outstanding common stock. The SEC reminded Volato Group of its responsibility for the accuracy and adequacy of disclosures and requested revisions to the prospectus to include specific pricing and profit information for selling securityholders compared to public securityholders.