Volato Group Inc. (NYSE American: SOAR) announced it has suspended further borrowings under its convertible note facility and reported that all previously issued notes have been converted in full, leaving no outstanding principal balance.

The company stated it is not terminating the underlying securities purchase agreement but does not expect to access the facility for additional convertible note funding. The move comes as Volato advances its proposed business combination with M2i Global Inc. (OTCQB: MTWO).

"Because all notes have been converted and we do not intend to access the facility for additional funding, we believe this reduces uncertainty around potential future dilution and provides added clarity for investors," said Mark Heinen, Chief Financial Officer of Volato Group.

Volato describes itself as a technology company focused on building software and data solutions for business decisions. The company's Parslee Document Intelligence platform works with large language models to add structure to complex documents including contracts and SEC filings.

Through the proposed merger with M2i Global, Volato plans to expand into the critical minerals sector. M2i Global integrates technology and solutions to ensure access to critical minerals and metals for national defense and economic security.

The information is based on a company press release statement.