Volato aims to raise $25m from investors
Fractional provider Volato is aiming to raise $25m in convertible debt, according to a Securities and Exchange Commission (SEC) filing.
The offering would allow investors to convert the debt into equity or stock at a later time.
The filing said that Volato’s HondaJet fractional programme has already raised $9m from two investors since March 10th. The minimum investment accepted under the offering is set at $250,000.
Volato ordered 25 HondaJet Elite II aircraft in December for delivery starting this year, in response to high demand. When complete, the company will have a total fleet of 42 HondaJets, up from its fleet of 17 in 2022.
Matt Liotta, CEO, Volato told Corporate Jet Investor (CJI) at the time that customers could immediately buy shares in the jets without having to wait for delivery to access Volato’s fleet.
The firm also released an additional 100 Stretch jet cards at the time, and has since added a fee-free fractional card. In January, Volato also launched its Broker Rewards Program which gives individual brokers up to 4% cash commission when booking on its fleet.