Volato Group, Inc. (NYSE American:SOAR), a provider of nonscheduled air transportation, announced the resignation of its Chief Commercial Officer, Nicholas Cooper, effective November 30, 2024. The company confirmed on Monday that Cooper's decision to step down is due to personal reasons and is not related to any conflict with the company's operations or practices.
In other recent news, Volato Group has seen a series of significant developments. The air transportation firm has entered into a definitive agreement with Sunpeak Holdings Corporation to settle outstanding claims, issuing shares of Volato's common stock in exchange for approximately $4.7 million in claims against designated vendors.
Additionally, Volato Group has expanded its share count from 81 million to 201 million, offering greater flexibility for potential 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 terms of partnerships, Volato has entered into a contract with flyExclusive, Inc., making flyExclusive the exclusive provider of certain aircraft management services. This agreement includes an option for flyExclusive to initiate a merger with a Volato subsidiary within the next twelve months.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.