Volato, a private jet business, has announced plans to merge with a special purpose acquisition company (SPAC). This would result in Volato becoming a publicly traded company. This move would give Volato more capital to grow its business and expand its services.
Volato plans to use the capital from the merger to build out its infrastructure, expand its fleet, and add new features and services for its customers. This would include a loyalty program, a mobile app, and a concierge service.
The merger is expected to close in the fourth quarter of 2021.