The Latest SPAC News and Rumors: September 14, 2023
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Volato announces strategic reorganization and DoD expands X-energy contract for mobile microreactor prototype
Volato Announces Strategic Reorganization to Fuel Sustained Growth and Business Maturity
In a move that underscores its pace of growth and strategic foresight, Volato today announced a reorganization of its leadership team. This action is being taken just two years after the company took delivery of its first HondaJet and is part of the company’s long-term strategic plan to more than double its fleet in the next two years.
“As a rapidly scaling company, it’s tempting to focus solely on meeting the immediate demands of growth,” said Matt Liotta, Co-Founder and CEO of Volato. “However, we understand the importance of maturation alongside expansion. Today’s announcement demonstrates our commitment to evolving our business structure, optimizing operations, and setting new benchmarks for excellence in private aviation.”
In August 2023, Volato entered into a definitive merger agreement with PROOF Acquisition Corp I (“PACI”) (NYSE: PACI), a special purpose acquisition company, that upon close would result in Volato becoming a publicly traded company listed on the NYSE.
READDepartment of Defense Expands X-energy Contract for Mobile Microreactor Prototype
X-Energy, a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and the U.S. Department of Defense announced today an agreement to an expanded contract under the department’s Project Pele initiative to develop a transportable, cost-effective advanced nuclear microreactor prototype for use in remote military locations. X-energy expects to advance the design of its prototype – which could ultimately be used for commercial or industrial use in civilian applications – through an award of an additional $17.49 million within an existing contract with the DoD.
The department’s Strategic Capabilities Office launched Project Pele in 2019 to develop a fourth-generation nuclear microreactor to deliver reliable, carbon-free energy to support military installations and deployments. X-energy was one of two teams selected from a preliminary design competition to deliver a final design to the department in 2022.
In December 2022, X-energy entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC).
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