Volato receives NYSE nod for plan to regain compliance

The New York Stock Exchange has accepted Volato’s plan to regain compliance with exchange rules.

By Doug Gollan, September 9, 2024

There’s more news from Volato after last week’s deal with FlyExclusive.

Today, the company announced that the NYSE American LLC exchange has accepted its plan of compliance for continued listing on the exchange.

In June, the NYSE sent Volato a non-compliance notice.

Listed companies must maintain a stockholders’ equity of at least $2 million if they have reported losses from continuing operations and net losses in two of their three most recent fiscal years.

Companies must have stockholders’ equity of at least $4 million if they reported losses from continuing operations or net losses in three of their four most recent fiscal years.

The 2021 start-up went public via a SPAC merger last December.

Volato was required to submit a plan to the NYSE American by July 18th outlining actions it has taken or will take to regain compliance with the continued listing standards by December 18, 2025.

On September 5th, Volato received notice from the NYSE American that it had accepted the plan and granted a plan period through December 18, 2025.

During the plan period, the Company will be reviewed quarterly to determine whether it is making progress.

If Volato does not regain compliance with the NYSE American listing standards by December 18, 2025, or if it does not make sufficient progress consistent with its plan, then the NYSE American may initiate delisting proceedings.

Pursuant to an extension, the company’s stock will continue to be listed on the NYSE American during the plan period.

In the announcement, Volato said it can “provide no assurances that it will be able to make progress with respect to its plan that NYSE American will determine to be satisfactory.”