ATLANTA–( BUSINESS WIRE )–The Volato Group, Inc. (the Company or Volato) (NYSE: SOAR), a leader in private aviation innovation, today announced that it has received from the NYSE Regulation a Letter of Warning (the Letter) as provided. under Section 1009(a) of the NYSE American LLC Company Guide (the Company Guide) which describes the Company's failure to comply with Sections. 301 and 713 of the Company's Guide. Section 301 of the Company Guidelines prohibits a listed company from issuing, or authorizing an exchange agent or registrar to issue or register, additional securities of a listed class until it has applied for listing of such additional securities and received notice from the NYSE. American that securities are approved to list. Section 713 of the Corporations Guide requires stock approval when additional shares are to be issued in connection with a transaction involving the sale, issuance, or potential issuance of common stock (or securities convertible into common stock) equal to 20% or more of the outstanding stock. less than the greater of the 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 the Amendment Agreement and the Decision dated November 4, 2024, the NYSE determined violated these provisions.
The Company uses additional controls to prevent future violations of NYSE rules.
The Company has been advised by the NYSE Regulation that, following the filing of this press release and the accompanying Current Report on Form 8-K, this matter has been resolved.
About Volato
Volato (NYSE: SOAR) is an aviation company that advances the industry with innovative solutions in aviation software and on-demand aviation. Volato's proprietary Mission Management software drives efficiency across operations and supports operators in managing fleet ownership, charter, and other services. Volato's Vaunt platform connects travelers with available private jets, offering a flexible option for on-demand travel. With a commitment to advanced technology and customer-focused solutions, Volato builds innovative tools to elevate service quality and efficiency in private aviation.
For more information about Volato, please visit www.flyvolato.com.
Forward-Looking Statements
This press release contains certain statements that may be considered forward-looking statements within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but are based on current expectations, estimates and assumptions about our Company, our business, our beliefs and our assumptions. These forward-looking statements are generally identified by words, or variations of words, such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “intends,” “estimates,” “projects,” “plans,” ” believes,” “intends,” “estimates,” “projects,” “estimates,” “targets,” “will,” “will,” “should,” “goal,” “may” or “might” or other expressions similar or similar phrases words or other similar phrases, but the absence of these words does not mean that the statement is not forward-looking. Forward-looking statements provide our current expectations or predictions of future conditions, events, or results. All statements regarding performance, events, or developments that may occur in the future are forward-looking statements, including statements about the challenges associated with implementing our growth plan, including the expected delivery of aircraft and related sales, and development, marketing and consistency. providing high quality services that meet customer expectations. All forward-looking statements speak only as of the date they are made and reflect the Company's beliefs, assumptions, and expectations, but are not guarantees of future performance or events. Further, the Company disclaims any obligation to publicly update or revise any forward-looking statements, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. Factors that may cause such differences include, but are not limited to, various economic, competitive, and regulatory factors, many of which are beyond the Company's control, which are disclosed in the Company's reports filed with the SEC including the Annual Report. on Form 10-K for the fiscal year ended December 31, 2023, and such other matters as the Company may disclose from time to time in other filings with the SEC. You should understand that it is not possible to predict or identify all such situations and, therefore, you should not consider any such list as a complete set of all potential risks or uncertainties.
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Source: Volato Group, Inc.