Atlanta-based Volato is floating a $25 million convertible debt to equity offering that the fractional operator is expected to use in part to finance the acquisition of 25 HondaJet Elite II twinjets. Those aircraft, with a retail value of $174 million, were ordered late last year and will join Volato’s existing fleet of 17 HondaJets, making Volato the largest operator of the type. According to a recent Form D filing with the U.S. Securities and Exchange Commission, the company already has raised $9 million of the amount, which it is offering in minimum amounts of $250,000.
Founded in September 2021 with a single HondaJet Elite S, Volato has moved quickly to establish bases in Atlanta; Baltimore; St. Augustine and Fort Lauderdale, Florida; and Carlsbad, California. Volato also has a base at Houston Hobby Airport that is part of its recent acquisition of Gulf Coast Aviation and offers access to additional aircraft, including King Air 350s and Hawker 750s.
Volato’s business model includes a pay-by-the-hour charter program, which rebates a portion of charter fees to aircraft shareholders, provides them with immediate access to aircraft, offers a jet-card program, and pays cash commissions for charter brokers.
Source: ainonline.com
