02:44 PM EDT, 08/16/2024 (MT Newswires) -- Volato Group ( SOAR ) said in a filing that its unit, Volato ( SOAR ), completed a sale and leaseback transaction for a Gulfstream G280 jet with TVPX Aircraft Solutions for $20 million.

Under the purchase and sales agreement, TVPX will lease the jet to Volato ( SOAR ) for three months. Volato ( SOAR ) has paid $300,000 as a security deposit to TVPX and is obligated to make monthly rental payments of $266,666 under the lease agreement.

Volato ( SOAR ) retains an option to repurchase the aircraft at a price ranging from $20.875 million to $21.225 million, depending on the repurchase date, according to the filing.

Volato ( SOAR ) said it will also pay a closing fee of $300,000 on the earlier of Sept. 8, or upon repurchase.

Shares of Volato Group ( SOAR ) were up 4.5% in recent trading.

Price: 0.44, Change: +0.02, Percent Change: +4.53