Volato group's chief commercial officer sells $119,524 in shares

CHAMBLEE, GA—Cooper Nicholas James, the Chief Commercial Officer and a director of Volato Group, Inc. (NASDAQ:SOAR), has recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, James sold 459,005 shares of Volato Group's common stock on December 30, 2024. The shares were sold at an average price of $0.2604 each, amounting to a total transaction value of $119,524. The sale comes as the company faces significant challenges, with InvestingPro data showing a concerning -93% decline in share price over the past year and a negative EBITDA of -$39.2 million in the last twelve months.

Following this sale, James retains ownership of 3,353,560 shares in the company. The transaction was executed directly by James, who is also a ten percent owner of the company. InvestingPro analysis reveals concerning financial metrics, including a weak gross profit margin of -2.87% and significant cash burn rate. Subscribers can access 12 additional ProTips and comprehensive financial analysis. This sale comes amidst ongoing developments within Volato Group, a company recognized for its operations in the non-scheduled air transportation sector.

In other recent news, Volato Group, Inc. has made significant strides in its corporate operations and strategic alliances. The aviation company recently announced the development of an innovative technology for mining Bitcoin during flight, leveraging excess electricity and unused capacity. This patent-pending system has the potential to boost profitability and contribute to sustainability efforts in the aviation industry.

Volato has seen rapid revenue growth of 97.25% over the past year, according to InvestingPro data. However, the company is also facing challenges with cash management. Volato is seeking partnerships within the aviation and cryptocurrency sectors to refine and expand this technology's applications.

In executive news, Volato's Chief Commercial Officer, Nicholas Cooper, has stepped down for personal reasons. The company has entered into an agreement with Sunpeak Holdings Corporation, settling outstanding claims by issuing Volato's common stock in exchange for approximately $4.7 million in claims.

Furthermore, Volato has expanded its share count from 81 million to 201 million, potentially facilitating fundraising activities, stock-based compensation, or future business acquisitions. The company has also secured a $4 million loan from TVT Capital Source LLC, due for full repayment by January 2025.

In partnership developments, Volato has contracted flyExclusive, Inc. as the exclusive provider of certain aircraft management services, with an option for flyExclusive to initiate a merger with a Volato subsidiary within the next twelve months. These are the recent developments for Volato Group.

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