Volato (NYSEMKT:SOAR) stock is on the rise Tuesday after the company completed its special purpose acquisition company (SPAC) merger with PROOF Acquisition Corp I.
That merger successfully closed on Friday with the combined company’s shares starting to trade on the New York Stock Exchange American today. This has them trading under the SOAR stock ticker and the warrants trade with the SOAR.WS ticker.
Volato, a private aviation company, completed the SPAC with an additional $12 million of private investments. This, combined with other financing, brings its total capital raised to more than $60 million.
Volato cofounder and CEO Matt Liotta said the following in a news release.
“After founding the company in 2021 and quickly ramping to nearly $100 million of revenue in 2022, we are now positioned to build on this momentum as a public company. More importantly, we believe that our total funding and capitalization at closing provides us with sufficient capital to execute on our growth strategy and fund our path to profitability.”
SOAR Stock Movement on Tuesday
SOAR stock is rising on increased excitement with its shares making their debut today. That has more than 646,000 shares of the stock changing hands as of this morning.
SOAR stock is up 87.6% as of Tuesday morning.
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More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
