Volato (SOAR) announced Monday a $2.2 million investment by Catheter Precision ( VTAK), and other institutional investors with experience investing in artificial intelligence and emerging technology companies.

The investment comes in the form of restricted common stock and will be used to advance Volato's focus on artificial intelligence, including the evaluation of potential acquisition and merger opportunities, the company said.

The investment follows the termination of Volato's deal with M2i Global, the company said.

Volato also has received two unsolicited non-binding letters of intent related to potential transactions, but no definitive agreements have been executed, the company said.

Shares of the company were down more than 22% in recent premarket trading.