ATLANTA–(BUSINESS WIRE)–Volato Group, Inc. today announced… (Company or Volato) (NYSE: SOAR), a leader in private aviation innovation, announced that it has received a warning letter (the Letter) from the New York Stock Exchange (NYSE: SOAR) as provided. Under Section 1009(a) of the NYSE American LLC Company Manual (the Company Manual) describing a company's failure to comply with Sections 301 and 713 of the Company Manual. Section 301 of the Corporate Manual 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 applied to list such additional securities and has received notice from the NYSE that it has been approved to list the securities. Section 713 of the Corporate Manual requires stockholder approval when additional shares to be issued in connection with a transaction include the sale, issuance, or potential issuance of common stock (or securities convertible into common stock) equal to 20% or more of the outstanding shares for less than book value or Market value of the stock, whichever is greater. 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 settlement agreement and stipulation dated November 4, 2024, which the NYSE determined to be in violation of these provisions.
The Company is implementing additional controls to avoid violating NYSE rules in the future.
The Company has been notified pursuant to New York Stock Exchange regulation that following the filing of this press release and the related Current Report on Form 8-K, this matter has been resolved.
About Volato
Volato (NYSE American: SOAR) is an airline that advances the industry through innovative solutions in inflight software and on-demand flight access. Volato's mission control software increases efficiency across operations and supports operators in managing fractional ownership, charter and other services. Volato's Vaunt platform connects travelers with available private flights, providing a flexible on-demand travel option. Through a commitment to advanced technology and customer-focused solutions, Volato builds scalable tools to elevate service quality and operational effectiveness 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. Non-historical statements are forward-looking statements. 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, our future performance, or our future. Financial condition. These forward-looking statements are not historical facts, but are based on current expectations, estimates and projections about our company and industry, our beliefs and assumptions. These forward-looking statements are generally identified by different words or words, such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and “projects”, “expectations”, “goals”, “will”, “will”, “should”, “goal”, “could”, “may” or other similar expressions or the negative of these terms or other similar expressions, But the absence of these words does not mean that statement Not forward-looking. Forward-looking statements provide our current expectations or forecasts of future conditions, events or results. All statements that address operating performance or events or developments that may occur in the future are forward-looking statements, including statements regarding challenges associated with implementing our growth strategy, including expected aircraft deliveries and related sales, development, marketing and continued stability. 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 good faith beliefs, assumptions and expectations, but are not guarantees of future performance or events. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement, 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 by the forward-looking statements. Factors that may cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond the Company's control, and which are described in the Company's periodic reports filed with the Securities and Exchange Commission, including its annual report. on Form 10-K for the fiscal year ending December 31, 2023, and such other factors as the Company may describe from time to time in other filings with the Securities and Exchange Commission. You should understand that it is not possible to predict or quantify all of these factors and, therefore, you should not consider any such list as a complete collection of all potential risks or uncertainties.
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Source: Volato Group, Inc
