Volato Group, Inc. and M2i Global, Inc. confirmed that they will still aim to close their merger in the first quarter of 2026. The parties filed Amendment No. 1 to the Form S‑4 on January 12 2026, addressing the SEC’s comments and moving the registration statement forward. The amendment was filed a week after the federal government reopened, which had temporarily slowed the SEC review process.
The parties also extended the merger agreement’s expiration date to March 31 2026. The extension gives the companies additional time to satisfy the SEC’s remaining requirements while keeping the transaction commitment intact for shareholders. The extension aligns the regulatory timeline with the expected pace of the SEC review after the shutdown, ensuring that the parties can meet the Q1 2026 closing target without rushing the process.
The merger combines Volato’s aviation‑software platform with M2i’s critical‑minerals supply‑chain expertise, creating a dual‑platform company that serves both the private‑aviation market and the growing U.S. critical‑minerals sector. The critical‑minerals market is estimated at more than $320 billion annually, and the combined entity will be positioned to support U.S. national‑security priorities by providing technology‑driven efficiency and transparency across the supply chain.
Volato’s most recent quarterly results show $24.9 million in revenue and $3.6 million in net income for Q2 2025, with full‑year 2025 revenue projected between $78 million and $79 million and net income of $6 million to $8 million. M2i Global, by contrast, has faced significant losses and low financial strength indicators, underscoring the strategic value of the merger for both parties. The ownership structure will give M2i shareholders approximately 85 % of the combined company, with Volato shareholders holding about 15 %.
Mark Heinen, CFO of Volato, said, “Filing the S‑4 marks another important milestone toward closing. With the SEC review process back on track following the government reopening, we expect to achieve a first‑quarter 2026 closing. The combined company will be well positioned to deliver technology‑driven efficiency and transparency across the critical‑materials supply chain.” Major General (Ret.) Alberto Rosende, CEO of M2i Global, added, “We remain confident in the strategic rationale for this transaction and now have clear line of sight to completing the remaining regulatory steps. The extension provides the appropriate time to complete the process in a compliant and orderly manner.”
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