Volato Group eliminates convertible notes, exhausts ATM capacity

Volato Group Inc. (NYSE American: SOAR) has eliminated all outstanding convertible notes and fully utilized its at-the-market equity offering capacity, according to a company statement.

The company completed final sales under its ATM program in April, selling all Class A common shares registered under the ATM prospectus supplement filed March 30. Volato cannot sell additional shares under the ATM due to limitations in General Instruction I.B.6 to Form S-3.

The last remaining convertible note under Volato's convertible note facility was converted to equity on April 14, reducing the outstanding balance to zero. The company stated it has no current plans to draw additional convertible notes under the facility.

Volato reported a pro-forma cash balance of $5.5 million as of March 31, equivalent to $0.14 per share. The company said the elimination of convertible debt and completion of the ATM raise has strengthened its capital structure ahead of its planned merger.

The previously announced merger with M2i Global (OTCQB: MTWO) has received approval from both companies' shareholders and is expected to close in the second quarter, subject to remaining closing conditions.

Volato operates as a technology company focused on software and data solutions for business decisions. Its Parslee Document Intelligence platform works with large language models to process complex documents including contracts and SEC filings.

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