Volato (FLOATING) announced that it had received a warning letter from NYSE pursuant to Section 1009(a) of the NYSE’s Business Directory, describing the company’s failure to comply with Sections 301 and 713 of the Business Directory. Section 301 of the Business Directory prohibits a listed company from issuing, or authorizing its transfer agent or registrar to issue or register, additional securities of a listed class until it has applied for the listing of such additional securities and has received notice from the NYSE. American that the securities have been approved for listing. Section 713 of the Corporate Directory requires shareholder approval when additional shares to be issued in connection with a transaction involve the sale, issuance or potential issuance of shares of common stock equal to 20% or more of the outstanding shares for less than the greater of the book or the market. value of the stock. As stated in the letter, the Company issued approximately 16 million shares of Class A common stock between November 2024 and December 2024 pursuant to a settlement agreement and provision dated November 4, which the NYSE determined was in violation of these provisions. The Company is implementing additional controls to prevent future violations of such NYSE rules. The Company has been advised by NYSE that, following the filing of this press release and the accompanying Current Report on Form 8-K, this matter has been resolved.
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