Summary by Moomoo AI
On September 2, 2024, Volato Group entered into an Aircraft Management Services Agreement with flyExclusive (FLYX), appointing FLYX as the exclusive provider of aircraft management services. The agreement includes a 12-month term, with FLYX retaining revenue excess over expenses as compensation. Additionally, Volato will provide consulting services and grant FLYX a non-exclusive software license for a monthly fee.Significantly, the agreement grants FLYX an option to initiate a merger with Volato through its wholly-owned subsidiary within 12 months. The merger consideration could be in FLYX common stock or cash, with the purchase price based on Volato's 30-day volume-weighted average stock price prior to the announcement. The merger would require regulatory approvals, board consent, and shareholder approval from both companies.
