Volato Group, Inc. (SOAR) announced the completion of its merger with Alignment Engine Inc. ("Aligned") on September 11, 2026. In the reverse merger transaction, Aligned's securityholders will own 95% of the combined company on a fully diluted and as-converted basis. Concurrent with the closing, Volato appointed Aligned's CEO, Christopher Ensey, as its new Chief Executive Officer and secured $7.5 million in financing through a convertible note.
Key Details
- Merger Consideration: Aligned securityholders received convertible preferred stock, options, and warrants that will convert into 95% of Volato's common stock. The transaction implies a combined post-closing valuation of approximately $508.5 million.
- Leadership Change: Effective upon closing, Matthew Liotta resigned as CEO. Christopher Ensey, formerly CEO of Alignment Engine, was appointed as the new Chief Executive Officer and a board member of Volato.
- Concurrent Financing: On September 11, 2026, Volato issued a $7.5 million senior unsecured convertible promissory note to an institutional investor. The note matures on September 11, 2027.
- Lock-Up & Approvals: Aligned securityholders are subject to a 180-day lock-up period. The conversion of the newly issued preferred stock is contingent upon future Volato stockholder approvals, including an increase in the number of authorized shares.