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Volato Group, Inc., an air transportation company with a market capitalization of $4.58 million and trailing twelve-month revenue of $46.29 million, has once again postponed its special meeting of stockholders due to a lack of quorum. The meeting, initially scheduled for April 15, 2025, was intended to address proposals detailed in the company’s proxy statement filed on March 31, 2025. According to InvestingPro analysis, the company operates with significant debt obligations and faces challenges in cash management.
The first attempt to convene the special meeting saw only 26.44% of outstanding shares represented, insufficient for the required quorum. Consequently, the meeting was adjourned and rescheduled for May 6, 2025. However, the reconvened meeting still fell short of the quorum, with 32.79% of shares represented. This comes as the stock has experienced significant volatility, with the share price declining nearly 95% over the past year, trading at $2.41, well below its 52-week high of $47.
As a result, Volato Group has further postponed the special meeting to 4:30 pm Eastern Time on May 7, 2025. The meeting will take place via the same virtual link provided previously, with no changes to the record date or the proposals to be voted on.
This announcement, based on a press release statement, emphasizes the company’s ongoing challenges in achieving a quorum and underscores the importance of stockholder participation in corporate governance. The company’s common stock is listed on the NYSE American LLC under the ticker symbol SOAR, with warrants traded on the OTC Markets Group, Inc. under the symbol SOARW. InvestingPro data reveals concerning metrics, including a weak financial health score of 1.7 out of 5 and negative EBITDA of -$9.12 million. Subscribers to InvestingPro can access 11 additional key insights about Volato Group’s financial position and future prospects.
Volato Group, which operates under the legal name of Volato Group, Inc., is incorporated in Delaware and has its principal executive offices in Chamblee, GA. The company, identified by the Central Index Key (CIK) number 0001853070, has previously operated under the name PROOF Acquisition Corp I until a name change on March 24, 2021.
In other recent news, Volato Group, Inc. has made several significant announcements affecting its operations and financial strategies. The company reported a change in its financial oversight, appointing Elliott Davis LLC as its new independent registered public accounting firm, replacing Rose, Snyder & Jacobs LLP. This change comes after the previous firm’s reports raised concerns about Volato’s ability to continue as a going concern, though no adverse opinions were issued. Additionally, Volato has expanded its Vaunt platform’s fleet through partnerships, adding 59 aircraft to its roster, which now totals 111, marking a strategic growth in its private flight operations.
In another strategic move, Volato has commenced ground-based Bitcoin mining operations, aiming to integrate cryptocurrency mining with its aviation technology, starting with the Cessna Citation CJ series. Furthermore, the company has announced a 1-for-25 reverse stock split of its Class A common stock, effective February 24, 2025, to comply with NYSE American LLC’s per-share price requirements. This reverse split will reduce the number of outstanding shares from approximately 46.1 million to about 1.8 million. Lastly, Volato disclosed a Settlement Agreement with Sunpeak Holdings Corporation, where Sunpeak will purchase and settle approximately $4.7 million of Volato’s outstanding payables in exchange for shares of common stock. These developments reflect Volato’s ongoing efforts to enhance its financial and operational strategies.
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