Volato says it resolved compliance issues with NYSE

Volato Group announced that it received a warning letter from the NYSE, as provided under Section 1009(a) of the NYSE company guide, describing its failure to comply with Sections 301 and 713 of the guide.

Per the announcement:

Section 301 of the company guide prohibits a listed company from issuing or authorizing its transfer agent or registrar to issue or register additional securities of a listed class until it has filed an application for the listing of such additional securities and received notification from the NYSE American that the securities have been approved for listing.

Section 713 of the company guide requires stockholder approval when additional shares are to be issued in connection with a transaction involving the sale, issuance, or potential issuance of common stock equal to 20% or more of outstanding stock for less than the greater of the stock’s book or market value.

Per the press release, Volato “issued approximately 16 million shares of Class A common stock between November 2024 and December 2024 pursuant to a settlement agreement and stipulation dated November 4, that NYSE has determined were in violation of these provisions.”

Volato said it is implementing additional controls to avoid future violations of such NYSE rules.

The company says it “has been advised by NYSE that, following the filing of this press release and the associated current report on Form 8-K, this matter is resolved.”

Volato is continuing to operate its Vaunt empty-leg program.

At the end of the third quarter, around 60 Volato’s Insider jet card program members who had declined to move to FlyExclusive were waiting for refunds.