Volato Taps Icahn Alum for Pivot from Private Jets to Critical Minerals

ATLANTA, GA – December 29, 2025 – Volato Group, Inc. (NYSE American: SOAR), a company known for its fractional ownership of private jets, has announced a dramatic strategic pivot into the high-stakes world of critical minerals. The move is underscored by the immediate appointment of veteran investment banker and former Carl C. Icahn advisor, Alan D. Gaines, to its Board of Directors. Gaines will also chair the company's Audit Committee, signaling a profound shift in the company’s focus toward a sector vital for U.S. national security and industrial independence.

This corporate transformation is being executed through a pending merger with M2i Global, Inc., an over-the-counter traded company aiming to build a vertically integrated supply chain for minerals essential to defense, clean energy, and advanced technology. The appointment of a financial heavyweight like Gaines is a clear signal of Volato’s intent to navigate this complex and capital-intensive new territory.

A Strategic Overhaul: From Luxury Skies to Essential Earth

On its surface, the move appears to be a radical departure for Volato. The company’s public-facing brand, primarily visible through its website flyvolato.com, centers on luxury aviation services, including fractional ownership of a fleet of HondaJets, jet cards, and charter flights. The press release, however, paints a different picture, describing Volato as a “technology company focused on building scalable software and data solutions.”

This apparent dichotomy is the crux of Volato's new strategy. The company plans to leverage its proprietary Parslee Document Intelligence platform—software designed to add structure and auditability to complex documents like contracts and SEC filings using large language models—and apply it to the critical minerals sector. The goal is to introduce a new level of transparency, traceability, and operational intelligence to a supply chain notoriously opaque and fraught with geopolitical risk. This strategic diversification moves Volato from a high-end service provider into a technology-enabled player in a foundational industrial market.

“We are honored to welcome Alan Gaines to the Volato Board,” said Mark Heinen, Chief Financial Officer of Volato. “His deep experience in complex financial transactions, energy market dynamics, and board governance will be instrumental as we continue to strengthen our financial oversight and strategic direction. His leadership as Audit Committee Chair will further enhance our governance structure as Volato advances its business combination with M2i Global and expands into the critical minerals and technology sectors.”

The Icahn Protégé Takes the Helm

To steer this ambitious merger and strategic pivot, Volato has brought in Alan D. Gaines, a financier with a formidable four-decade career. Gaines’s resume includes a long tenure as Chief Strategic Advisor to activist investor Carl C. Icahn, where he was instrumental in energy-sector investments involving giants like Texaco, Gulf Oil, Phillips Petroleum, and Marathon Oil.

Beyond his work with Icahn, Gaines co-founded Gaines, Berland Inc., an investment bank focused on small and mid-cap energy companies. He also founded Dune Energy, Inc., serving as its Chairman and CEO, where he led a transformative $540 million acquisition that propelled the company to a pro forma valuation of approximately $1 billion. His extensive background in large-scale capital formation, M&A, and corporate governance makes him a strategic choice for Volato as it navigates the complexities of integrating M2i Global and establishing a foothold in the minerals industry. His appointment to chair the Audit Committee underscores the importance of rigorous financial oversight during this high-risk, high-reward transition.

While his career is marked by major successes, public records from the Financial Industry Regulatory Authority (FINRA) show a minor censure in 2000 for Gaines and his firm at the time, Gaines, Berland Inc., related to late filings and a registration qualification. However, this appears to be a minor note in a long and influential career focused on structuring and financing complex industrial ventures.

A Tech-Driven Gambit for America's Mineral Supply Chain

Volato's entry into the critical minerals space is timed to align with a major U.S. government push to secure domestic supply chains. Decades of outsourcing have left the United States heavily reliant on foreign nations, particularly China, for minerals like lithium, cobalt, and rare earth elements that are indispensable for everything from electric vehicle batteries and wind turbines to fighter jets and missile guidance systems.

Recognizing this vulnerability, Washington has enacted legislation like the Inflation Reduction Act and the Bipartisan Infrastructure Law, which include significant incentives to boost domestic mining, processing, and recycling. The Department of Defense and the Department of Energy have both launched programs to strengthen these supply chains, viewing them as a cornerstone of both national and economic security. It is this national imperative that Volato and M2i Global aim to address.

Major General (Ret.) Alberto C. Rosende, CEO of M2i Global, highlighted the strategic fit. “Alan Gaines’ decades of leadership in capital formation and strategic oversight directly support the mission of the combined company,” he stated. “His expertise will enhance our ability to scale operations responsibly and accelerate our plans to deliver a secure and sustainable critical minerals supply chain for the U.S. and allied partners.”

The pending merger, for which Volato has filed an S-4 registration statement with the SEC, will see M2i Global become a wholly-owned subsidiary. As part of the process, Volato is also seeking shareholder approval for a reverse stock split, a common maneuver to ensure its shares continue to meet NYSE American listing requirements following a major transaction. The success of this tech-driven approach will depend on whether a software platform like Parslee can genuinely untangle the complex web of contracts, logistics, and compliance documentation that defines the global minerals trade, thereby providing a verifiable and auditable chain of custody from mine to manufacturer.