M2i Global Inc (OTC:MTWO) and Volato Group told investors that they have advanced several regulatory and corporate milestones toward completing their proposed all-stock merger, following the reopening of US federal agencies after the recent government shutdown.
Volato has filed a Registration Statement on Form S-4 with the US Securities and Exchange Commission, a key step in the transaction process, the companies said on Monday. The filing follows the SEC’s completion of its review of Volato’s initial confidential submission and was enabled by the resumption of normal government operations.
Both companies now expect the merger to close in the first quarter of 2026, subject to remaining regulatory reviews and shareholder approvals.
The companies said that M2i Global has received formal approval from its shareholders for the transaction, satisfying one of the principal closing conditions.
Volato said it reduced total liabilities to $9.5 million as of September 30, meeting the debt-related closing requirement outlined in the merger agreement.
Volato added that it believes it has regained compliance with NYSE American continued listing standards, citing stockholders’ equity of $4.1 million as of September 30, although confirmation from the exchange is still pending.
The company said it continues to apply its enterprise-software capabilities to develop a secure technology platform intended to support critical mineral traceability, contracting, and regulatory compliance across the United States and allied nations.
“Our teams have maintained disciplined momentum on all workstreams,” Volato’s chief financial officer Mark Heinen said in a statement. “The combined company will be well-positioned to deliver technology-driven efficiency and transparency across the critical-materials supply chain.”
M2i Global, meanwhile, said it has continued to advance its critical-minerals platform, including recent sourcing and offtake-related developments aimed at supporting long-term supply security.
“With federal operations restored, we are continuing to advance key partnerships and sourcing initiatives that strengthen our position in the critical-materials sector,” M2i Global CEO Major General (Ret.) Alberto Rosende said. “Together, we are creating a platform that promotes secure, transparent, and sustainable supply chains vital to national and economic security.”
Volato and M2i Global entered into a definitive Agreement and Plan of Merger in July 2025. Under the terms of the all-stock transaction, M2i Global is expected to become a wholly owned subsidiary of Volato.