PROOF Acquisition Corp I Stockholders Approve Previously Announced Business Combination with Volato

PROOF Acquisition Corp I (NYSE: PACI) (“PACI”) today announced that its stockholders voted to approve the previously announced business combination with Volato, Inc. a leading private aviation company in the United States, at the special meeting of stockholders (the “Special Meeting”) held on November 28, 2023. Approximately 97% of the votes cast at the Special Meeting were cast in favor of the approval of the Business Combination.

The closing of the Business Combination is anticipated to occur on or before December 1, 2023. Following the closing, the publicly listed company will be named Volato Group, Inc., and its shares of Class A Common Stock are expected to begin trading on the NYSE American under the symbol SOAR.

PACI has filed a Form 8-K disclosing the full voting results of the Special Meeting with the Securities and Exchange Commission (“SEC”).

Advisors

BTIG, LLC and Roth MKM are serving as financial advisors to Volato, Inc. Womble Bond Dickinson (US) LLP is serving as legal advisor to Volato, Inc. Steptoe & Johnson LLP is serving as legal advisor to PROOF Acquisition Corp I. Lowenstein Sandler LLP is serving as legal advisor to PROOF.vc.

About Volato

Volato is a full-service private aviation company providing modern ways to enjoy luxury private jets through innovative, efficient, and sustainable solutions. Volato provides a fresh approach to fractional ownership, aircraft management, jet card, deposit and charter programs. Volato's fractional programs uniquely offer flexible hours and a revenue share for owners in a fleet of HondaJets, which are optimized for missions of up to four passengers. For more information visit www.flyvolato.com.

All Volato Part 135 charter flights are operated by its DOT/FAA-authorized air carrier subsidiary (G C Aviation, Inc., d/b/a Volato) or by an approved vendor air carrier.

About PROOF Acquisition Corp I

PACI is a blank check company incorporated as a Delaware corporation for the purpose of effecting a merger, stock exchange, asset acquisition, reorganization or similar business combination with one or more businesses. PACI established a number of criteria and guidelines in its initial public offering to identify a potential business combination partner, including compelling long-term growth prospects, attractive competitive dynamics, consolidation opportunities, and products or services with large total addressable markets. The key business characteristics PACI focused on in identifying a potential business combination partner included the potential for disruptive technology or business model; attractive returns on invested capital; significant streams of recurring revenue; operational improvement opportunities; attractive steady-state margins, incremental margins, and attractive free cash flow characteristics. For more information about PACI, visit www.proof-paci.com/.