Hello and welcome to the 2025 Virtual Special Meeting of Volato Group. Please note that today's meeting is being recorded.
Good morning, everybody. My name is Matt Liotta, Chairman of the Board and Chief Executive Officer of Volato Group. It is a pleasure to welcome our shareholders to this special meeting of Volato Group. We are holding this special meeting virtually only via live webcast. We feel the virtual format provides our stockholders greater access to the management and leadership team by enabling our investors to participate no matter where they are located. Nicole Franco with Volato will act as Secretary and record the minutes of this meeting, and I will serve as Chairman of today's meeting. It is 9:01 A.M. Eastern Time, and in accordance with the Notice of Special General Meeting, the meeting is now called to order. This meeting is being held in accordance with the corporation's bylaws and Delaware law.
We will take care of the formal business at hand, which is described in our notice and proxy statement, a copy of which was filed with the SEC on March 31, 2025, and mailed on or about April 4, 2025, to all of our stockholders of record at the close of business on March 18, 2025. During this portion of the meeting, all discussion will be limited to the official business at hand. Before proceeding to the formal business, I'd like to recognize the directors of the Corporation who are present today: Mike Nichols, Chris Berger, and Nicholas Cooper. Thank you. Now let's proceed to the formal business of the meeting, notice of which was sent to all shareholders of record as of the close of business on March 18, 2025. Shareholders of record on that date are entitled to vote at this meeting.
We have electronically posted to the virtual meeting portal a record of stockholders as of that date. A duplicate record is and has been on file at the principal place of business of the Corporation for the last 10 days immediately prior to the date of this meeting and has been available for inspection by any stockholder during that period at any time during normal business hours. Rules of conduct for the meeting are available in the web portal. Please note that only stockholders who have logged in using their control number will be able to vote and ask questions at this meeting. If you have any questions relating to the matters described in our proxy, please submit them now so that they will be in the queue to be answered.
If any stockholder wishes to address the Chairman during the formal part of this meeting, please do so by submitting your question in writing through the virtual meeting portal via the link provided. The Board of Directors has appointed Laura Cisneros to act as Inspector of Election for this meeting, and she will tabulate the results of the voting. The Inspector of Election has taken the customary oath of office to execute her duties with strict impartiality. We will file the oath with the records of this meeting. The Inspector of Election's function is to decide upon the qualifications of voters, accept their votes, and when voting on all matters is completed, to tally the final votes. Laura, do we have a quorum present?
Mr. Chairman, proxies have been received for 502,595 of the 1,988,930 shares of common stock on the record date and entitled to vote at the meeting, which represents approximately 26.43% of the total number of outstanding common stock entitled to vote at this meeting. Therefore, a quorum is not present for the meeting today.
As a quorum is not present, we are unable to proceed with the business set forth in the notice of this special meeting. In accordance with our bylaws, the Board of Directors has decided that this special meeting will be adjourned to such other date, time, and place as the Board of Directors may determine in accordance with the bylaws and applicable law. I'd like to remind all stockholders that this adjournment is necessary to allow the company additional time to solicit proxies and ensure we achieve a quorum for the transaction of business at the reconvened meeting. I'd like to thank all stockholders present for their attendance and participation. This special meeting of stockholders is now adjourned at 9:05 A.M. Eastern. Thank you all for your time and your understanding.
The meeting has now concluded. Thank you for joining. You may now disconnect.