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BUSINESS COMBINATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Reverse Recapitalization [Abstract] |
Schedule Of Reverse Recapitalization | The following table reconciles the elements of the business combination to the consolidated statement of cash flows and the consolidated statement of changes in equity:
(In thousands) | ​ | ​ | Year Ended December 31, 2023
Cash - PACI trust and cash (net of redemptions) | ​ | ​ | $19,081
Gross Proceeds | ​ | ​ | $19,081
Less Transaction related expenses and other costs | ​ | ​ | (6,898)
Less Net liabilities assumed from PACI | ​ | ​ | (1,722)
Net proceeds from the business combination | ​ | ​ | $10,461
The number of shares of Common Stock outstanding immediately following the closing was as follows:
| ​ | ​ | Class A Common Stock
PACI public shareholders | ​ | ​ | 1,767,390
PACI’s sponsors | ​ | ​ | 6,883,579
Company’s employees | ​ | ​ | 9,441
Legacy Volato shareholders(1) | ​ | ​ | 7,434,936
Legacy Volato Series Preferred investors | ​ | ​ | 11,948,103
Total shares of Common Stock immediately after closing | ​ | ​ | 28,043,449
(1) | The number of Legacy Volato shares was determined from the shares of Legacy Volato shares outstanding immediately prior to the closing converted at the exchange ratio of approximately 1.01508.

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