PROOF Acquisition I said it filed a definitive proxy outlining its proposed combination private aviation company Volato. The SPAC called a Nov. 28 meeting for shareholders to vote on the deal.
The target is an Atlanta-based platform for fractional ownership of private jets. The deal was announced in August at a pro forma enterprise value of $261.1 million.
If approved, Volato is expected to trade under the ticker symbol SOAR.
PROOF Acquisition I shareholders in May approved a deadline extension up to Dec. 3. However, redemptions of just over $222 million took a massive bite out of the trust. The SPAC raised $240 million in a December 2021 IPO. Read more.
