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8-K: Current report

SEC ·  Sep 3, 2024 05:06

Summary by Moomoo AI

On September 2, 2024, Volato Group, Inc., a Delaware-incorporated company listed on the NYSE American LLC under the trading symbol SOAR, entered into a Material Definitive Agreement with flyExclusive, Inc. (FLYX). The agreement designates FLYX as the exclusive provider of aircraft management services to Volato. Under the terms, FLYX will retain profits from the revenue collected over expenses for the services provided. The contract has a one-year term with provisions for immediate termination by FLYX upon breach by Volato or with a 30-day notice. Volato will also offer consulting services to FLYX and grant a non-exclusive license to its proprietary software for a monthly fee. Additionally, the agreement includes an option for FLYX to merge Volato into a wholly...Show More
On September 2, 2024, Volato Group, Inc., a Delaware-incorporated company listed on the NYSE American LLC under the trading symbol SOAR, entered into a Material Definitive Agreement with flyExclusive, Inc. (FLYX). The agreement designates FLYX as the exclusive provider of aircraft management services to Volato. Under the terms, FLYX will retain profits from the revenue collected over expenses for the services provided. The contract has a one-year term with provisions for immediate termination by FLYX upon breach by Volato or with a 30-day notice. Volato will also offer consulting services to FLYX and grant a non-exclusive license to its proprietary software for a monthly fee. Additionally, the agreement includes an option for FLYX to merge Volato into a wholly owned subsidiary, with the option term lasting twelve months from the agreement date. The potential merger is contingent upon a definitive merger agreement and necessary approvals, with the consideration possibly being in FLYX's common stock or cash. The purchase price for the merger would be determined by the volume-weighted average price of Volato's common stock prior to the announcement or signing of a definitive merger agreement. The agreement also outlines terms for expenses, employee roles, confidentiality, liability limitations, and indemnification clauses.

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