Volato and M2i have signed a definitive business combination agreement, which will see founder Matt Liotta move to a new role.
The New York Stock Exchange has traded Volato Group, Inc., which has signed a definitive business combination agreement with M2i Global.
The pair signed a non-binding term sheet in early June.
M2i focuses on the development and execution of a complete global value supply chain for critical minerals.
The deal is expected to close in Q4 2025.
Until last September, Volato was a fast-growing start-up.
From 2021, it had quickly become one of the biggest fractional and charter private jet operators in the U.S.
It was selling fractional shares and jet cards on a fleet of HondaJet very light jets.
It was also adding Gulfstream G280 super-midsize jets.
Last year, it quit as an operator and pivoted to its Vaunt empty-leg membership program and B2B software.
Under the deal, Volato will “expand into a diversified industrial platform serving a range of sectors—from aviation technology and software to the global supply chain for critical minerals essential to U.S. national defense, advanced technologies, and infrastructure.”
Per the announcement:
‘The Board of Directors, for both Volato and M2i Global, support this combination transaction and have recommended shareholders approve the transaction. Volato will not be required to make any cash payment to M2i Global or its security holders in connection with the transaction. Volato expects to file an initial Registration Statement on Form S-4 in the next several weeks, which will include a preliminary proxy statement/prospectus related to the proposed transaction. Upon completion of the acquisition, M2i Global will receive common shares of Volato stock such that the current shareholders of M2i Global will own approximately 85% of the total issued and outstanding shares of common stock of Volato, and the current shareholders of Volato will own approximately 15% of the total issued and outstanding shares of Volato common stock. Based on current market prices, this structure represents an increase in value for Volato shareholders while enabling M2i Global to obtain an NYSE American listing and access the public markets.’
Volato Founder Matt Liotta will resign as CEO of the new company.
He will be appointed as president of the aviation technology business and serve on the board of directors.
Alberto Rosende will become the chief executive officer of Volato.
CFO Mark Heinen and COO Mike Prachar will continue in their roles.
Liotta said, “Volato was built to scale—combining disciplined execution, robust systems, and a team experienced in operating under public market scrutiny.”
He added, “We’ve developed technology, built processes, and delivered results in a complex, regulated industry. This transaction brings those capabilities to a new platform with significant upside, and we’re confident in our ability to help accelerate growth and deliver value in the public markets.”
Rosende said, “We’ve built a powerful ecosystem of over 40 partners across industry and government to advance U.S. access to critical minerals—an issue now at the forefront of national strategy.”
He added, “With recent Executive Orders and continued geopolitical pressure on supply chains, demand for domestic sourcing and processing has never been more urgent. Combining with Volato positions M2i Global to capitalize on this moment—with public market access, seasoned leadership, and the infrastructure to move fast and deliver value.”
Volato’s Vaunt empty-leg program currently has 110 aircraft in its network.
Vaunt recently added a California Cessna Skyhawk operator to its empty-leg platform.
Liotta tells Private Jet Card Comparisons, “The plan is to continue to grow Vaunt.”
Last month, it sold its charter operating certificate to an undisclosed buyer for $2 million.
In June, Volato said it was on track to be profitable in 2025.
It is also working through a number of lawsuits from former jet card members, fractional ownership clients, and vendors.
Liotta says, “We continue to work with our creditors to settle all of our outstanding debts.”
The company went public via a SPAC merger in December 2023.
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