Volato Group Faces Delisting Notice
Ticker: SOARW · Form: 8-K · Filed: Dec 26, 2024 · CIK: 1853070
| Field | Detail |
|---|---|
| Company | Volato Group, Inc. (SOARW) |
| Form Type | 8-K |
| Filed Date | Dec 26, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $11.50 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-rule, transfer-of-listing
TL;DR
Volato's getting kicked off the exchange, might be moving.
AI Summary
Volato Group, Inc. filed an 8-K on December 26, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a transfer of listing is occurring, though specific details regarding the reason for delisting or the new listing venue are not provided in this excerpt. The report covers events up to December 19, 2024.
Why It Matters
This filing signals potential significant disruption for Volato Group's shareholders, as it indicates the company may be delisted from its current exchange, impacting liquidity and valuation.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to trade on a major exchange, posing a significant risk to investors.
Key Players & Entities
- Volato Group, Inc. (company) — Registrant
- 0001853070 (company) — Central Index Key
- 001-41104 (company) — SEC File Number
- December 19, 2024 (date) — Earliest event reported date
- December 26, 2024 (date) — Filing date
FAQ
What is the specific reason for Volato Group, Inc.'s notice of delisting or failure to satisfy a continued listing rule?
The provided excerpt of the 8-K filing does not specify the exact reason for the delisting notice or the failure to meet listing standards.
What is the new exchange or venue Volato Group, Inc. is transferring its listing to?
The filing mentions a 'Transfer of Listing' but does not specify the destination exchange or venue in the provided text.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 19, 2024.
What is Volato Group, Inc.'s SIC code and industry classification?
Volato Group, Inc.'s Standard Industrial Classification (SIC) code is 4522, categorized under AIR TRANSPORTATION, NONSCHEDULED.
What was Volato Group, Inc.'s former company name?
Volato Group, Inc.'s former company name was PROOF Acquisition Corp I, with a date of name change on March 24, 2021.
Filing Stats: 804 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-12-26 06:03:14
Key Financial Figures
- $11.50 — A common stock at an exercise price of $11.50 SOARW OTC Markets Group, Inc. Indicat
Filing Documents
- soar-20241219.htm (8-K) — 29KB
- nyseletter.htm (EX-99.1) — 4KB
- soar-nysepressreleasefinal.htm (EX-99.2) — 8KB
- nyseletter001.jpg (GRAPHIC) — 191KB
- nyseletter002.jpg (GRAPHIC) — 55KB
- 0001628280-24-052382.txt ( ) — 512KB
- soar-20241219.xsd (EX-101.SCH) — 2KB
- soar-20241219_lab.xml (EX-101.LAB) — 22KB
- soar-20241219_pre.xml (EX-101.PRE) — 13KB
- soar-20241219_htm.xml (XML) — 3KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On December 19, 2024, Volato Group, Inc. (the "Company") received from NYSE Regulation a Warning Letter (the "Letter") as provided under Section 1009(a) of the NYSE American LLC ("NYSE American") Company Guide (the "Company Guide") describing violations by the Company of Sections 301 and 713 of the Company Guide. Section 301 of the Company Guide prohibits a listed company from issuing, or authorizing its transfer agent or registrar to issue or register, additional securities of a listed class until it has filed an application for the listing of such additional securities and received notification from the NYSE American that the securities have been approved for listing. Section 713 of the Company Guide requires stockholder approval when additional shares to be issued in connection with a transaction involve the sale, issuance, or potential issuance of common stock (or securities convertible into common stock) equal to 20% or more of presently outstanding stock for less than the greater of book or market value of the stock. As noted in the Letter, the Company issued approximately 16 million shares of Class A common stock between November 2024 and December 2024 pursuant to a Settlement Agreement and Stipulation Dated November 4, 2024 (the "Settlement Agreement"), that NYSE American has determined were in violation of these provisions. The Company is implementing additional controls to avoid violations of such NYSE rules in the future. The Company has been advised by NYSE Regulation that, following the filing of Current Report on Form 8-K and the issuance of the press release referenced in Item 8.01 below, this matter is resolved. A copy of the Letter is attached as Exhibit 99.1 hereto and incorporated herein by reference.
01 Other Events
Item 8.01 Other Events. On December 24, 2024, the Company issued a press release disclosing the receipt of the Letter, as required by Sections (401)j and 1009(j) of the Company Guide. A copy of the press release is attached as Exhibit 99.2 hereto and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Letter dated December 19, 2024, from NYSE regulation to Volato Group, Inc. 99.2 Press release of Volato Group, Inc. dated December 24, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Exhibits and Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted exhibit and schedule to the SEC upon request.
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. Date : December 26, 2024 Volato Group, Inc. By: /s/ Mark Heinen Name: Mark Heinen Title: Chief Financial Officer