Volato Group, Inc. Files 8-K with Material Agreement

Ticker: SOARW · Form: 8-K · Filed: Sep 3, 2024 · CIK: 1853070

Volato Group, Inc. 8-K Filing Summary
FieldDetail
CompanyVolato Group, Inc. (SOARW)
Form Type8-K
Filed DateSep 3, 2024
Risk Levelmedium
Pages3
Reading Time3 min
Key Dollar Amounts$11.50
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, filing, air-transportation

TL;DR

Volato Group, Inc. signed a big deal on Sept 2nd, filing an 8-K. Details to follow.

AI Summary

On September 2, 2024, Volato Group, Inc. entered into a Material Definitive Agreement. The filing also includes financial statements and exhibits. Volato Group, Inc. is an air transportation company incorporated in Delaware.

Why It Matters

This 8-K filing indicates a significant new agreement for Volato Group, Inc., which could impact its operations and financial standing in the air transportation sector.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.

Key Players & Entities

  • Volato Group, Inc. (company) — Registrant
  • September 2, 2024 (date) — Date of earliest event reported
  • Delaware (jurisdiction) — State of incorporation

FAQ

What is the nature of the Material Definitive Agreement filed by Volato Group, Inc.?

The filing does not specify the exact nature of the Material Definitive Agreement, only that one was entered into on September 2, 2024.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on September 2, 2024.

What is Volato Group, Inc.'s primary business sector?

Volato Group, Inc. operates in the 'AIR TRANSPORTATION, NONSCHEDULED' sector, with SIC code 4522.

In which state is Volato Group, Inc. incorporated?

Volato Group, Inc. is incorporated in Delaware.

What is the SEC file number for Volato Group, Inc.'s 8-K filing?

The SEC file number for this 8-K filing is 001-41104.

Filing Stats: 837 words · 3 min read · ~3 pages · Grade level 12.5 · Accepted 2024-09-03 08:02:08

Key Financial Figures

  • $11.50 — A common stock at an exercise price of $11.50 SOAR.WS NYSE American LLC Indicate by

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement On September 2, 2024, 2024, Volato Group, Inc. ("Volato"), entered into an Aircraft Management Services Agreement (the "Agreement") with flyExclusive, Inc. ("FLYX"). Pursuant to the Agreement, Volato engaged FLYX as an independent contractor to provide certain aircraft management services and agreed that FLYX will be the exclusive provider of such services to Volato. As consideration payable to FLYX for providing the services, FLYX will be entitled to retain the excess of revenue collected over expenses in connection with its delivery of services under the Agreement. The Agreement has a term of twelve months and may be terminated by FLYX immediately upon a breach of the Agreement by Volato or upon 30 days' written notice to Volato. During the term of the Agreement, certain Volato employees will provide consulting services to FLYX, including consulting services related to software development, sales, and other professional services. The cost to FLYX of these consulting services will be the current salaries and benefits of the Volato employees engaged to provide the services. Volato has also agreed to grant FLYX a non-exclusive license to Volato's proprietary software, in exchange for a monthly fee to be paid by FLYX. As part of the Agreement, Volato has granted FLYX the right to cause Volato to merge with and into (the "Merger") a wholly owned subsidiary of FLYX (the "Option"). The term of the Option will expire twelve months from the date of the Agreement, provided, however, that the term of the Option will continue until the closing or abandonment of the Merger by either or both parties. Any Merger is subject to a fully executed, mutually agreed upon definitive merger agreement and any required regulatory, board of directors, and shareholder approvals for both FLYX and Volato. Consideration for the Merger may be in the form of FLYX's common stock or cash, in FLYX's discretion. The purchase price for the Me

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Aircraft Management Services Agreement, dated September 2, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Da te: September 3, 2024 Volato Group, Inc. By: /s/ Mark Heinen Name: Mark Heinen Title: Chief Financial Officer

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