What Drove Volato (SOAR) Stock 13% Higher?

Volato Group, Inc. (NYSE: SOAR) shares experienced an upward momentum on the U.S. stock charts on Tuesday. Volato stock was marked an impressive 13.64% surge to conclude the session at a trading value of $10.00. This uptick in Volato stock is attributed to pivotal business developments, closely following the initiation of SOAR stock trading under its designated ticker symbol.

After the market’s closure yesterday, Volato (SOAR) disclosed a noteworthy collaboration with Fly Alliance. This strategic alliance was established to broaden the spectrum of aircraft options available to its Gulfstream G280, HondaJet, and Volato Insider Program Max clientele. The agreement secures SOAR’s access to Fly Alliance’s expansive fleet of large cabin aircraft accommodating up to ten passengers, thereby significantly enhancing its existing portfolio.

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The pact with Fly Alliance extends exclusive access to Volato’s program customers, enabling them to utilize Fly Alliance’s fleet of spacious cabin aircraft. SOAR, steadfast in its commitment to meeting diverse program customer needs, views this as an opportunity to facilitate travel for larger groups. Emphasizing safety, SOAR conducted a thorough safety audit of Fly Alliance’s operations, yielding commendable results.

Customers who have placed deposits with Volato for the Gulfstream G280 and Volato Insider Max jet card will commence benefiting from this collaboration starting December 4. The guaranteed availability service is applicable throughout the U.S. That also includes Alaska and Hawaii, Canada, the Caribbean, and Mexico every day of the year.

In addition, Volato yesterday initiated trading of its common stock and warrants on the New York Stock Exchange American, utilizing the new ticker symbols “SOAR” and “SOAR.WS.” The recent conclusion of the business combination with PROOF Acquisition Corp I positions the consolidated entity under the singular Volato brand. Shareholders of PACI granted approval for this Business Combination at a Special Meeting held on November 28, 2023.

Concurrent with the Business Combination’s closure, PACI disclosed the finalization of an additional $12 million in private investments. Combined with the $14 million in Series A Preferred Equity financing completed since July 2023, these funds were converted to common stock at the Business Combination’s closure. Taking into account these transactions and the conversion of Volato convertible debt, the total capital raised surpasses $60 million.

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