Volato receives non-compliance notice from NYSE

Volato said today it received a notice from the New York Stock Exchange American advising that it is not in compliance with continued listing standards.

The HondaJet operator said the notice covered Section 1003 of the NYSE American Company Guide requiring a company to have stockholders’ equity of at least $2 million if it has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years and Section 1003 requiring a company to have stockholders’ equity of at least $4 million if it has reported losses from continuing operations and/or net losses in three of its four most recent fiscal years.

Volato must submit a plan by July 18, 2024, outlining actions it has taken or will take to regain compliance with the continued listing standards by December 18, 2025.

Delisting proceedings will start, according to the announcement, if the plan is not permitted or accepted.

The notice has no immediate impact on the listings of the private jet flight provider’s shares of common stock and warrants on the NYSE American.

The company said, “Volato is committed to regaining compliance with the NYSE American’s continued listing standards but cannot guarantee that it will regain compliance within the allotted period of time.”

Volato’s notification leaves Blade as the only private flight provider that has gone public since 2021 and has not received a non-compliance notice.

Wheels Up, Surf Air, Jet.AI, and FlyExclusive have received non-compliance notices from their exchanges.

At the end of 2023, Volato ranked as the 16th-largest charter/fractional operator in the U.S.

Shares, which trade under SOAR, ended the day at 48 cents. Over the past year, share prices have ranged from 46 cents to $17.

(Editor’s Note on June 22, 2024: An earlier version of this story had the incorrect date for the deadline to regain compliance.)