Volato Group, Inc. Files 8-K

TL;DR

Volato Group (formerly PROOF Acquisition) filed an 8-K on Jan 10, 2025, with updates.

AI Summary

Volato Group, Inc. filed an 8-K on January 10, 2025, reporting on other events and financial statements. The company, previously known as PROOF Acquisition Corp I until March 24, 2021, is incorporated in Delaware and operates in the air transportation sector. Its principal executive offices are located in Chamblee, Georgia.

Why It Matters

This filing provides official updates on Volato Group, Inc.'s corporate events and financial reporting, which is crucial for investors and stakeholders to stay informed about the company's status.

Risk Assessment

Risk Level: low — This is a routine corporate filing (8-K) that primarily provides information about events and financial statements without announcing significant new risks or material changes.

Key Numbers

• 001-41104 — SEC File Number (Identifies the company's filing with the SEC.)
• 86-2707040 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Volato Group, Inc. (company) — Registrant
• PROOF Acquisition Corp I (company) — Former company name
• January 10, 2025 (date) — Date of report
• Delaware (jurisdiction) — State of incorporation
• Chamblee, GA (location) — Principal executive offices location

FAQ

Key Financial Figures

• $11.50 — A common stock at an exercise price of $11.50 SOARW OTC Markets Group, Inc. Indicat

Filing Documents

• soar-20250110.htm (8-K) — 31KB
• soar-20231231xxrestatedfor.htm (EX-99.1) — 847KB
• image_76a.jpg (GRAPHIC) — 26KB
• rsjsiga.jpg (GRAPHIC) — 3KB
• 0001628280-25-001167.txt ( ) — 1140KB
• soar-20250110.xsd (EX-101.SCH) — 2KB
• soar-20250110_lab.xml (EX-101.LAB) — 22KB
• soar-20250110_pre.xml (EX-101.PRE) — 13KB
• soar-20250110_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. Discontinued Operations As previously disclosed on September 2, 2024, Volato Group, Inc. ("Volato"), entered into an Aircraft Management Services Agreement (the "Agreement") with flyExclusive, Inc. ("FLYX"). Pursuant to the Agreement, Volato transferred the aircraft ownership program fleet to FLYX. Under 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. The Company is filing this Current Report on Form 8-K to reissue the Company's retrospectively revised and recast historical consolidated financial statements and other information included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 previously filed with the Securities and Exchange Commission (the "SEC") on March 26, 2024 (the "2023 Form 10-K") to reflect the presentation of the aircraft ownership program fleet as the Company's discontinued operations. The information in this Form 8-K, including the information incorporated herein by reference, is not an amendment to, or restatement of, the 2023 Form 10-K. The information included in Exhibit 99.1 to this Form 8-K is presented in connection with the reporting changes described above and does not otherwise amend or restate our audited consolidated financial statements that were included in the 2023 Form 10-K. Unaffected items and unaffected portions of the 2023 Form 10-K have been repeated herein to ensure an understanding and completeness of continuing operations, and have not been amended or modified by Exhibit 99.1 to this Form 8-K. Exhibit 99.1 to this Form 8-K does no

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data The entirety of these Items of the 2023 10-K are attached as Exhibit 99.1 hereto and incorporated herein by reference.

Legal Proceedings

Legal Proceedings The Company is involved with litigation in the ordinary course of its business. Two breach of contract complaints were filed against the Company in November 2024, related to the transition of the Company's fleet management to FLYX. The Company will vigorously defend both matters.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Retrospective revisions to Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8 - Financial Statements and Supplementary Data of the Company's Annual Report on Form 10-K for the fiscal year ended December, 31, 2023. 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. Date : January 10, 2025 Volato Group, Inc. By: /s/ Mark Heinen Name: Mark Heinen Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR