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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|--------------------------------------------------------------------------------------|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|
| Delaware                                                       |   | 86-2707040                              |
|----------------------------------------------------------------|--------|-----------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification Number) |
|                                      |   |       |
|-------------------------------------------|--------|------------|
| 11911 Freedom Drive, Suite 1080Reston, VA |   | 20190      |
| (Address of principal executive offices)  |   | (Zip Code) |
| Title of each class                                                                                |   |  Trading Symbol(s) |   | Name of each exchange on which registered |
|----------------------------------------------------------------------------------------------------|--------|-------------------------|--------|-------------------------------------------|
| Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant |   | PACI.U                  |   | The New York Stock Exchange               |
| Class A common stock, par value $0.0001 per share (included as part of the Units)                  |   | PACI                    |   | The New York Stock Exchange               |
| Redeemable Warrants (included as part of the Units)                                                |   | PACI.WS                 |   | The New York Stock Exchange               |

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| Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Smaller reporting company ☒ |
|---------------------------------|---------------------------|-------------------------------|-----------------------------------|
|                            |                      |                          |                              |
|                            |                      |                          | Emerging growth company ☒   |

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| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS |                                                                                                                       |
|------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|
|                                                 |                                                                                                                       |   |
| PART I                                               |                                                                                                                       |
|                                                 |                                                                                                                       |   |
|                                                 | ITEM 1. BUSINESS                                                                                                           | 2 |
|                                                 | ITEM 1A. RISK FACTORS                                                                                                      | 8 |
|                                                 | ITEM IB. UNRESOLVED STAFF COMMENTS                                                                                         | 37 |
|                                                 | ITEM 2. PROPERTIES                                                                                                         | 37 |
|                                                 | ITEM 3. LEGAL PROCEEDINGS                                                                                                  | 37 |
|                                                 | ITEM 4. MINE SAFETY DISCLOSURES                                                                                            | 37 |
|                                                 |                                                                                                                       |   |
| PART II                                              |                                                                                                                       |
|                                                 |                                                                                                                       |   |
|                                                 | ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 38 |
|                                                 | ITEM 6. SELECTED FINANCIAL DATA                                                                                            | 38 |
|                                                 | ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS                        | 39 |
|                                                 | ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                                        | 43 |
|                                                 | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                                        | 43 |
|                                                 | ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE                               | 43 |
|                                                 | ITEM 9A. CONTROLS AND PROCEDURES                                                                                           | 43 |
|                                                 | ITEM 9B. OTHER INFORMATION                                                                                                 | 44 |
|                                                 |                                                                                                                       |   |
| PART III                                             |                                                                                                                       |
|                                                 |                                                                                                                       |   |
|                                                 | ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE                                                            | 45 |
|                                                 | ITEM 11. EXECUTIVE COMPENSATION                                                                                            | 50 |
|                                                 | ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS                    | 51 |
|                                                 | ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE                                         | 52 |
|                                                 | ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES                                                                            | 53 |
|                                                 |                                                                                                                       |   |
| PART IV                                              |                                                                                                                       |
|                                                 |                                                                                                                       |   |
|                                                 | ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES                                                                           | 55 |
|                                                 |                                                                                                                       |   |
| SIGNATURES                                           |                                                                                                                       |

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|  | • | our ability to select an appropriate target business or businesses; |
|--|---------|---------------------------------------------------------------------|
|  | • | our ability to complete our initial business combination; |
|--|---------|-----------------------------------------------------------|
|  | • | our expectations around the performance of a prospective target business or businesses; |
|--|---------|-----------------------------------------------------------------------------------------|
|  | • | our success in retaining or recruiting, or changes required in, our officers, key employees, or directors following our initial business combination; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | • | conflicts of interest arising with entities affiliated with our sponsor; |
|--|---------|--------------------------------------------------------------------------|
|  | • | our potential ability to obtain additional financing to complete our initial business combination; |
|--|---------|----------------------------------------------------------------------------------------------------|
|  | • | our pool of prospective target businesses; |
|--|---------|--------------------------------------------|
|  | • | our ability to consummate an initial business combination due to the uncertainty resulting from the COVID-19 pandemic; |
|--|---------|------------------------------------------------------------------------------------------------------------------------|
|  | • | the ability of our officers and directors to generate a number of potential business combination opportunities; |
|--|---------|-----------------------------------------------------------------------------------------------------------------|
|  | • | our public securities’ potential liquidity and trading; |
|--|---------|---------------------------------------------------------------|
|  | • | the lack of a market for our securities; |
|--|---------|------------------------------------------|
|  | • | the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; |
|--|---------|-------------------------------------------------------------------------------------------------------------------------|
|  | • | the trust account not being subject to claims of third parties; or |
|--|---------|--------------------------------------------------------------------|
|  | • | our financial performance following our public offering. |
|--|---------|----------------------------------------------------------|

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| ITEM 1. | BUSINESS. |
|---------|-----------|

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| ITEM 1A. |  RISK FACTORS. |
|----------|---------------------|

|   | • | We are a newly formed company with no operating history and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Past performance by PROOF.VC, our management team, and members of our VC Advisory Board is not indicative of future performance of an investment in us. In addition, our management team                  and their respective affiliates have been involved with a large number of public and private companies in addition to those identified above, not all of which have achieved similar performance levels. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our public stockholders may not be afforded an opportunity to vote on our proposed business combination, which means we may complete our initial business combination even though a                  majority of our public stockholders do not support our initial business combination. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Your only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your right to redeem your shares from us for cash. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | If we seek stockholder approval of our initial business combination, our sponsor, officers and directors have agreed to vote any founder shares held by them and their respective                  affiliates, and have agreed to vote any public shares held by them in favor of the initial business combination, regardless of how our public stockholders may vote. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The ability of our public stockholders to redeem their shares for cash may make our financial condition unattractive to potential business combination targets, which may make it                  difficult for us to enter into a business combination with a target. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The ability of our public stockholders to exercise redemption rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or                  optimize our capital structure. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The ability of our public stockholders to exercise redemption rights with respect to a large number of our shares could increase the probability that our initial business combination                  would be unsuccessful and that you would have to wait for liquidation in order to redeem your stock. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The requirement that we complete our initial business combination within 18 months (or up to 24 months, if applicable) after the closing of the Public Offering may give potential target                  businesses leverage over us in negotiating a business combination and may limit the time we have to conduct due diligence on potential business combination targets as we approach our dissolution deadline, which could undermine our ability                  to complete our initial business combination on terms that would produce value for our stockholders. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | Our search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected by the recent Coronavirus                  disease 2019 (COVID-19) outbreak and the status of debt and equity markets. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We may not be able to complete our initial business combination within the 18 months (or up to 24 months, if applicable) after the closing of the Public Offering, in which case we would                  cease all operations except for the purpose of winding up and we would redeem our public shares and liquidate, in which case our public stockholders may receive only their pro rata portion of the funds in the trust account that are                  available for distribution to public stockholders, and our warrants will expire worthless. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | If we seek stockholder approval of our initial business combination, our initial stockholders, directors, officers, advisors, and their affiliates may elect to purchase shares from                  public stockholders, which may influence a vote on a proposed business combination and reduce the public “float” of our Class A common stock or public warrants. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | If a stockholder fails to receive notice of our offer to redeem our public shares in connection with our business combination, or fails to comply with the procedures for tendering its                  shares, the stockholder’s shares may not be redeemed. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell                  your public shares or warrants, potentially at a loss. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | NYSE may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading                  restrictions. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | You will not be entitled to protections normally afforded to investors of many other blank check companies. |
|--------|---------|-------------------------------------------------------------------------------------------------------------|

|   | • | If we seek stockholder approval of our initial business combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a “group” of stockholders are                  deemed to hold in excess of 15% of our Class A common stock, you will lose the ability to redeem all such shares in excess of 15% of our Class A common stock. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Because of our limited resources and the significant competition for business combination opportunities, it may be more difficult for us to complete our initial business combination. If                  we have not completed our initial business combination, our public stockholders may receive only their pro rata portion of the funds in the trust account that are available for distribution to public stockholders, and our warrants will                  expire worthless. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We may be unable to complete our initial business combination, in which case our public stockholders may only receive $10.20 per share (or $10.30 or $10.40 per public share in case we                  extend the period of time available for us to complete a business combination to 21 months or 24 months, respectively), or less than such amount in certain circumstances, and our warrants will expire worthless. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We are not required to obtain an opinion from an independent investment banking firm or from a valuation or appraisal firm regarding fairness. Consequently, you may have no assurance                  from an independent source that the price we are paying for the business is fair to our company from a financial point of view. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Our management team will allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict                  of interest could have a negative impact on our ability to complete our initial business combination. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | We may have limited ability to assess the management of a prospective target business and, as a result, may affect our initial business combination with a target business whose                  management may not have the skills, qualifications or abilities to manage a public company. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | The holders of our founder shares will control the election of our board of directors until consummation of our initial business combination and will hold a substantial interest in us.                  As a result, they will appoint all of our directors prior to our initial business combination and may exert a substantial influence on actions requiring stockholder vote, potentially in a manner that you do not support. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | Certain key agreements related to the Public Offering may be amended without your consent. |
|--------|---------|--------------------------------------------------------------------------------------------|

|   | • | The other risks and uncertainties discussed in “Risk Factors” and elsewhere in this report. |
|--------|---------|---------------------------------------------------------------------------------------------------------|

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|   | • | default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of                  certain financial ratios or reserves without a waiver or renegotiation of that covenant; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------|

|   | • | our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | our inability to pay dividends on our common stock; |
|--------|---------|-----------------------------------------------------|

|   | • | using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability                  to pay expenses, make capital expenditures and acquisitions and fund other general corporate purposes; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------|

|   | • | increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | other disadvantages compared to our competitors who have less debt. |
|--------|---------|---------------------------------------------------------------------|

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|   | • | a limited availability of market quotations for our securities; |
|--------|---------|-----------------------------------------------------------------|

|   | • | reduced liquidity for our securities; |
|--------|---------|---------------------------------------|

|   | • | a determination that our Class A common stock is a “penny stock” which will require brokers trading in our Class A common stock to adhere to more stringent rules and possibly result                      in a reduced level of trading activity in the secondary trading market for our securities; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | a limited amount of news and analyst coverage; and |
|--------|---------|----------------------------------------------------|

|   | • | a decreased ability to issue additional securities or obtain additional financing in the future. |
|--------|---------|--------------------------------------------------------------------------------------------------|

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|   | • | may significantly dilute the equity interest of investors in our Public Offering; |
|--------|---------|-----------------------------------------------------------------------------------|

|   | • | may subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded our common stock; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | could cause a change in control if a substantial number of shares of our common stock are issued, which may affect, among other things, our ability to use our net operating loss carry                    forwards, if any, and could result in the resignation or removal of our present officers and directors; |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | may have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | may adversely affect prevailing market prices for our units, Class A common stock and/or warrants; and |
|--------|---------|--------------------------------------------------------------------------------------------------------|

|   | • | may not result in adjustment to the exercise price of our warrants. |
|--------|---------|---------------------------------------------------------------------|

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|   | • | higher costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal requirements of overseas markets; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | rules and regulations regarding currency redemption; |
|--------|---------|------------------------------------------------------|

|   | • | imposition of withholding taxes; |
|--------|---------|----------------------------------|

|   | • | laws governing the manner in which future business combinations may be effected; |
|--------|---------|----------------------------------------------------------------------------------|

|   | • | exchange listing and/or delisting requirements; |
|--------|---------|-------------------------------------------------|

|   | • | tariffs and trade barriers; |
|--------|---------|-----------------------------|

|   | • | regulations related to customs and import/export matters; |
|--------|---------|-----------------------------------------------------------|

|   | • | local or regional economic policies and market conditions; |
|--------|---------|------------------------------------------------------------|

|   | • | longer payment cycles; |
|--------|---------|------------------------|

|   | • | tax issues, such as tax law changes and variations in tax laws as compared to the United States; |
|--------|---------|--------------------------------------------------------------------------------------------------|

|   | • | currency fluctuations and exchange controls; |
|--------|---------|----------------------------------------------|

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|   | • | rates of inflation; |
|--------|---------|---------------------|

|   | • | challenges in collecting accounts receivable; |
|--------|---------|-----------------------------------------------|

|   | • | cultural and language differences; |
|--------|---------|------------------------------------|

|   | • | employment regulations; |
|--------|---------|-------------------------|

|   | • | underdeveloped or unpredictable legal or regulatory systems; |
|--------|---------|--------------------------------------------------------------|

|   | • | corruption; |
|--------|---------|-------------|

|   | • | protection of intellectual property; |
|--------|---------|--------------------------------------|

|   | • | social unrest, crime, strikes, riots and civil disturbances; |
|--------|---------|--------------------------------------------------------------|

|   | • | regime changes and political upheaval; |
|--------|---------|----------------------------------------|

|   | • | terrorist attacks and wars; and |
|--------|---------|---------------------------------|

|   | • | deterioration of political relations with the United States. |
|--------|---------|--------------------------------------------------------------|

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| ITEM IB. | UNRESOLVED STAFF COMMENTS. |
|----------|----------------------------|
| ITEM 2. | PROPERTIES. |
|---------|-------------|
| ITEM 3. | LEGAL PROCEEDINGS. |
|---------|--------------------|
| ITEM 4. | MINE SAFETY DISCLOSURES. |
|---------|--------------------------|

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| ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. |
|---------|---------------------------------------------------------------------------------------------------------------------|

| ITEM 6. | SELECTED FINANCIAL DATA. |
|---------|--------------------------|

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| ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS |
|---------|--------------------------------------------|

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| ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|
| ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
|---------|---------------------------------------------|
| ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. |
|---------|---------------------------------------------------------------------------------------|
| ITEM 9A. | CONTROLS AND PROCEDURES. |
|----------|--------------------------|

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| ITEM 9B. | OTHER INFORMATION. |
|----------|--------------------|

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| ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. |
|----------|---------------------------------------------------------|
| Name                |   | Age |   | Position                                        |
|---------------------|--------|-----|--------|-------------------------------------------------|
| John C. Backus, Jr. |   | 63  |   | Chief Executive Officer and Member of the Board |
| Steven P. Mullins   |   | 55  |   | Chief Financial Officer                         |
| Michael W. Zarlenga |   | 54  |   | General Counsel and Corporate Secretary         |
| Peter C. Harrison   |   | 59  |   | Chairman of the Board                           |
| Coleman Andrews     |   | 67  |   | Member of the Board (Lead Independent Director) |
| Mark Lerdal         |   | 63  |   | Member of the Board                             |
| Lisa Suennen        |   | 56  |   | Member of the Board                             |

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|   | • | meeting with our independent registered public accounting firm regarding, among other issues, audits, and the adequacy of our accounting and control systems; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | monitoring the independence of the independent registered public accounting firm; |
|--------|---------|-----------------------------------------------------------------------------------|

|   | • | verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as                        required by law; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | inquiring and discussing with management our compliance with applicable laws and regulations; |
|--------|---------|-----------------------------------------------------------------------------------------------|

|   | • | pre-approving all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including the fees and terms of the                        services to be performed; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | appointing or replacing the independent registered public accounting firm; |
|--------|---------|----------------------------------------------------------------------------|

|   | • | determining the compensation and oversight of the work of the independent registered public accounting firm (including resolution of disagreements between management and the                      independent registered public accounting firm regarding financial reporting) for the purpose of preparing or issuing an audit report or related work; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material                      issues regarding our financial statements or accounting policies; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | monitoring compliance on a quarterly basis with the terms of the Public Offering and, if any noncompliance is identified, immediately taking all action necessary to rectify such                      noncompliance or otherwise causing compliance with the terms of the Public Offering; and |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | reviewing and approving all payments made to our existing stockholders, executive officers or directors and their respective affiliates. Any payments made to members of our audit                      committee will be reviewed and approved by our board of directors, with the interested director or directors abstaining from such review and approval. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | identifying individuals qualified to become members of the board of directors and making recommendations to the board of directors regarding nominees for election; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | reviewing the independence of each director and making a recommendation to the board of directors with respect to each director’s independence; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | developing and recommending to the board of directors the corporate governance principles applicable to us and reviewing our corporate governance guidelines at least annually; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | making recommendations to the board of directors with respect to the membership of the audit, compensation and corporate governance and nominating committees; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | overseeing the evaluation of the performance of the board of directors and its committees on a continuing basis, including an annual self-evaluation of the performance of the                      corporate governance and nominating committee; |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | considering the adequacy of our governance structures and policies, including as they relate to our environmental sustainability and governance practices; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | considering director nominees recommended by stockholders; and |
|--------|---------|----------------------------------------------------------------|

|   | • | reviewing our overall corporate governance and reporting to the board of directors on its findings and any recommendations. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------|

|   | • | should have demonstrated notable or significant achievements in business, education or public service; |
|--------|---------|--------------------------------------------------------------------------------------------------------|

|   | • | should possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring a range of skills, diverse perspectives                      and backgrounds to its deliberations; and |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the stockholders. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | reviewing and approving corporate goals and objectives relevant to our CEO’s compensation, evaluating our CEO’s performance in light of those goals and objectives, and setting our                      CEO’s compensation level based on this evaluation; |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | setting salaries and approving incentive compensation and equity awards, as well as compensation policies, for all other officers who file reports of their ownership, and changes in                      ownership, of our common stock under Section 16(a) of the Exchange Act (the “Section 16 Officers”), as designated by our board of directors; |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | making recommendations to the board with respect to incentive compensation programs and equity-based plans that are subject to board approval; |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | approving any employment or severance agreements with our Section 16 Officers; |
|--------|---------|--------------------------------------------------------------------------------|

|   | • | granting any awards under equity compensation plans and annual bonus plans to our executive officers and the Section 16 Officers; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | • | approving the compensation of our directors; and |
|--------|---------|--------------------------------------------------|

|   | • | producing an annual report on executive compensation for inclusion in our proxy statement, in accordance with applicable rules and regulations. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ITEM 11. | EXECUTIVE COMPENSATION. |
|----------|-------------------------|

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| ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. |
|----------|-------------------------------------------------------------------------------------------------|

|   | • | each person known by us to be the beneficial owner of more than 5% of our issued and outstanding common stock; |
|--------|---------|----------------------------------------------------------------------------------------------------------------|

|   | • | each of our executive officers and directors; and |
|--------|---------|---------------------------------------------------|

|   | • | all our executive officers and directors as a group. |
|--------|---------|------------------------------------------------------|

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| Name and Address of Beneficial Owner(1)               |   | Number ofSharesBeneficiallyOwned |      |         | Percentage ofSharesBeneficiallyOwned |   |
|-------------------------------------------------------|--------|----------------------------------|-----------|--------------|--------------------------------------|--------|
| PROOF Acquisition Sponsor I, LLC (our sponsor)(2)     |   |                             | 6,440,000 | (3)(4)  |                                 |   | 18.67 | % |
| John C. Backus, Jr.(4)(5)                             |   |                             | —   |         |                                 |   |   |   |
| Steven P. Mullins(4)(5)                               |   |                             | —   |         |                                 |   |   |   |
| Michael W. Zarlenga(4)(5)                             |   |                             | —   |         |                                 |   |   |   |
| Peter C. Harrison(5)                                  |   |                             | —   |         |                                 |   |   |   |
| Coleman Andrews(5)                                    |   |                             | —   |         |                                 |   |   |   |
| Mark Lerdal(5)                                        |   |                             | —   |         |                                 |   |   |   |
| Lisa Suennen(5)                                       |   |                             | —   |         |                                 |   |   |   |
| All officers and directors as a group (7 individuals) |   |                             | 6,440,000 |         |                                 |   | 18.67 | % |

| (1) | Unless otherwise noted, the business address of each of our officers and directors is 11911 Freedom Drive, Suite 1080 Reston, VA 20190. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Interests shown consist solely of Founder Shares, classified as shares of Class B common stock. Such shares will automatically convert into shares of Class A common stock at the time                    of our initial business combination, or earlier at the election of the holder. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3) | Our Sponsor is the record holder of such shares. Our sponsor is controlled by its manager, PROOF Sponsor Management, LLC |
|-----|--------------------------------------------------------------------------------------------------------------------------|
| (4) | Messrs. Backus, Mullins and Zarlenga are managing members of PROOF Sponsor Management, LLC, the manager of our sponsor and no person individually has the power to vote or control the                    interests of our sponsor. Each individual disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (5) | This individual does not beneficially own any founder shares or private placement warrants. However, this individual has a pecuniary interest in these securities through his or her                    ownership of membership interests of our sponsor. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. |
|----------|----------------------------------------------------------------------------|

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| ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES. |
|----------|-----------------------------------------|

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| ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES. |
|----------|------------------------------------------|

| (a) | The following documents are filed as part of this report: |
|-----|-----------------------------------------------------------|

|   | (1) | Financial Statements |
|--------|-----|----------------------|

|   | (2) | Financial Statement Schedule |
|--------|-----|------------------------------|

|   | (3) | Exhibits |
|--------|-----|----------|

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| Audited Financial Statements of PROOF Acquisition Corp I:                                                                    |   | Page |
|------------------------------------------------------------------------------------------------------------------------------|--------|------|
| Report of Independent Registered Public Accounting Firm (PCAOB Firm ID# 688)                                                 |   | F-2  |
| Balance Sheet as of December 31, 2021                                                                                        |   | F-3  |
| Statement of Operations for the period from March 16, 2021 (inception) through December 31, 2021                             |   | F-4  |
| Statement of Changes in Stockholders’ Deficit for the period from March 16, 2021 (inception) through December 31, 2021 |   | F-5  |
| Statement of Cash Flows for the period from March 16, 2021 (inception) through December 31, 2021                             |   | F-6  |
| Notes to Financial Statements                                                                                                |   | F-7  |

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|                                                                                                                                                            |   | December 31,2021 |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|-------------|
|                                                                                                                                                            |   |             |        |
| ASSETS                                                                                                                                                          |   |             |        |
| Current assets:                                                                                                                                                 |   |             |        |
| Cash                                                                                                                                                            |   | $                | 2,579,658   |   |
| Prepaid expenses                                                                                                                                                |   |             | 993,608     |   |
| Total current assets                                                                                                                                            |   |             | 3,573,266   |   |
| Investments held in Trust                                                                                                                                       |   |             | 281,521,183 |   |
| Total Assets                                                                                                                                                    |   | $                | 285,094,449 |   |
|                                                                                                                                                            |   |             |        |   |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT                                                                                                                     |   |             |        |   |
| Current Liabilities:                                                                                                                                            |   |             |        |   |
| Accrued expenses                                                                                                                                                |   | $                | 159,622     |   |
| Total current liabilities                                                                                                                                       |   |             | 159,622     |   |
| Deferred underwriting commission                                                                                                                                |   |             | 9,660,000   |   |
| Total Liabilities                                                                                                                                               |   |             | 9,819,622   |   |
|                                                                                                                                                            |   |             |        |   |
| Commitments and contingencies (Note 5)                                                                                                                          |   |             |        |   |
|                                                                                                                                                            |   |             |        |   |
| Temporary Equity:                                                                                                                                               |   |             |        |   |
| Class A common stock subject to possible redemption; 27,600,000 shares at redemption value ($10.20 per share)                                                   |   |             | 281,520,000 |   |
|                                                                                                                                                            |   |             |        |   |
| Stockholders’ Deficit:                                                                                                                                    |   |             |        |   |
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding                                                                    |   |             | —     |   |
| Class A common stock, $0.0001 par value; 70,000,000 shares authorized; none issued and outstanding (excluding 27,600,000 shares subject to possible redemption) |   |             | —     |   |
| Class B common stock, $0.0001 par value; 12,500,000 shares authorized; 6,900,000 shares issued and outstanding                                                  |   |             | 690         |   |
| Accumulated deficit                                                                                                                                             |   |             | (6,245,863  | ) |
| Total Stockholders’ Deficit                                                                                                                               |   |             | (6,245,173  | ) |
| Total Liabilities, Temporary Equity and Stockholders’ Deficit                                                                                             |   | $                | 285,094,449 |   |

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|                                                                              |   | For the Period FromMarch 16, 2021(inception) ThroughDecember 31, 2021 |      |
|-----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|-----------|
|                                                                              |   |                                                                  |      |
| Formation and operating costs                                                     |   | $                                                                     | 383,077   |   |
| Operating loss                                                                    |   |                                                                  | (383,077  | ) |
|                                                                              |   |                                                                  |      |   |
| Interest income – investments held in the Trust Account                     |   |                                                                  | 1,183     |   |
| Other income                                                                      |   |                                                                  | 1,183     |   |
|                                                                              |   |                                                                  |      |   |
| Net loss                                                                          |   | $                                                                     | (381,894  | ) |
|                                                                              |   |                                                                  |      |   |
| Class A common stock - weighted average shares outstanding, basic and diluted     |   |                                                                  | 2,810,182 |   |
|                                                                              |   |                                                                  |      |   |
| Class A common stock - basic and diluted net loss per share                       |   | $                                                                     | (0.04     | ) |
|                                                                              |   |                                                                  |      |   |
| Class B common stock - weighted average shares outstanding, basic and diluted (1) |   |                                                                  | 6,091,636 |   |
|                                                                              |   |                                                                  |      |   |
| Class B common stock - basic and diluted net loss per share                       |   | $                                                                     | (0.04     | ) |

| (1) | On November 30, 2021, the Company effected a 1.2:1 stock split for each outstanding share of Class B common stock, resulting in the Sponsor holding an aggregate number of 6,900,000                      Founder Shares. All share amounts retroactively restated to account for the share split as discussed in Note 5. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                                      |   | Class B Common Stock |    |    | AdditionalPaid-inCapital |    |    |                    AccumulatedDeficit |    |    | TotalStockholders’Deficit |   |
|-------------------------------------------------------------------------------------------|--------|----------------------|--------------|--------------|--------------------------|--------------|--------------|--------------------------------------------|--------------|--------------|---------------------------------|--------|
|                                                                                      |   | Shares               |         |         | Amount                   |         |
| Balance, March 16, 2021 (inception)                                                       |   |                 | —      |         |                     | $            | —      |                                       |         | $            | —                         |   |   | $ | — |   |   | $ | — |   |
| Issuance of Class B common stock to Sponsor(1)                                            |   |                 | 6,900,000    |         |                     |         | 690          |                                       |         |         | 24,310                          |   |   |   | — |   |   |   | 25,000 |   |
| Private placement warrants proceeds in excess of fair value                               |   |                 | —      |         |                     |         | —      |                                       |         |         |                            |   |   |   | 5,411,275 |   |   |   | 5,411,275 |   |
| Re-measurement of Class A common stock subject to possible redemption to redemption value |   |                 | —      |         |                     |         | —      |                                       |         |         | (24,310                         | )      |   |   | (11,275,244 | ) |   |   | (11,299,554 | ) |
| Net loss                                                                                  |   |                 | —      |         |                     |         | —      |                                       |         |         | —                         |   |   |   | (381,894 | ) |   |   | (380,997 | ) |
| Balance, December 31, 2021                                                                |   |                 | 6,900,000    |         |                     | $            | 690          |                                       |         | $            | —                         |   |   | $ | (6,245,863 | ) |   | $ | (6,245,173 | ) |

| (1) | On November 30, 2021, the Company effected a 1.2:1 stock split for each outstanding share of Class B common stock, resulting in the Sponsor holding an aggregate number of 6,900,000                      Founder Shares. All share amounts retroactively restated to account for the share split as discussed in Note 5. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                        |   | For The Period FromMarch 16, 2021(inception) ThroughDecember 31, 2021 |         |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------------|
|                                                                        |   |                                                                  |         |
| Cash flows from operating activities:                                       |   |                                                                  |         |
| Net loss                                                                    |   | $                                                                     | (381,894     | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: |   |                                                                  |         |   |
| Income earned on Trust assets                                               |   |                                                                  | (1,183       | ) |
| Changes in current assets and liabilities:                                  |   |                                                                  |         |   |
| Changes in prepaid expenses                                                 |   |                                                                  | (993,608     | ) |
| Changes in accrued expenses                                                 |   |                                                                  | 159,622      |   |
| Net cash used in operating activities                                       |   |                                                                  | (1,217,063   | ) |
|                                                                        |   |                                                                  |         |   |
| Cash flows from investing activities:                                       |   |                                                                  |         |   |
| Funds deposited into Trust account                                          |   |                                                                  | (281,520,000 | ) |
| Net cash used in investing activities                                       |   |                                                                  | (281,520,000 | ) |
|                                                                        |   |                                                                  |         |   |
| Cash flows from financing activities:                                       |   |                                                                  |         |   |
| Proceeds from issuance of Class B ordinary shares to Sponsor                |   |                                                                  | 25,000       |   |
| Proceeds from sale of units                                                 |   |                                                                  | 276,000,000  |   |
| Proceeds from sale of warrants                                              |   |                                                                  | 15,226,000   |   |
| Offering costs                                                              |   |                                                                  | (5,934,279   | ) |
| Proceeds from sponsor note                                                  |   |                                                                  | 110,000      |   |
| Repayment of sponsor note                                                   |   |                                                                  | (110,000     | ) |
| Net cash provided by financing activities                                   |   |                                                                  | 285,316,721  |   |
|                                                                        |   |                                                                  |         |   |
| Net change in cash                                                          |   |                                                                  | 2,579,658    |   |
| Cash at beginning of period                                                 |   |                                                                  | —      |   |
| Cash at end of period                                                       |   | $​2,579,658                                                     |         |
|                                                                        |   |                                                                  |         |   |
| Non-cash financing activities:                                              |   |                                                                  |         |   |
| Deferred underwriting fee                                                   |   | $                                                                     | 9,660,000    |   |
| Re-measurement of Class A ordinary shares subject to possible redemption    |   | $                                                                     | (11,299,554  | ) |
| Initial value of Class A common stock subject to possible redemption        |   | $​281,520,000                                                   |         |

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|                                                  |   | For the period from March 16, 2021(inception) through                    December 31, 2021 |      |
|-------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|-----------|
|                                                  |   | Class A CommonStock                                                                        |      |   | Class B CommonStock |   |
| Basic and diluted net loss per common share           |   |                                                                                       |      |   |   |   |
| Numerator:                                            |   |                                                                                       |      |   |   |   |
| Allocation of net loss                                |   | $                                                                                          | (120,559  | ) |   | $ | (261,335 | ) |
| Denominator:                                          |   |                                                                                       |      |   |   |   |   |   |
| Basic and diluted weighted average shares outstanding |   |                                                                                       | 2,810,182 |   |   |   | 6,091,636 |   |
|                                                  |   |                                                                                       |      |   |   |   |   |   |
| Basic and diluted net loss per common share           |   | $                                                                                          | (0.04     | ) |   | $ | (0.04 | ) |

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|  | ● | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
|--|---------|-----------------------------------------------------------------------------------------------------------------------|
|  | ● | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar                    instruments in markets that are not active; and |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | ● | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant                    inputs or significant value drivers are unobservable. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | • | in whole and not in part; |
|--------|---------|---------------------------|

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|   | • | at a price of $0.01 per Public Warrant; |
|--------|---------|-----------------------------------------|

|   | • | upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------|

|   | • | if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the                      like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | in whole and not in part; |
|--------|---------|---------------------------|

|   | • | at a price of $0.10 per warrant provided that the holder will be able to exercise their warrants on cashless basis prior to redemption and receive that number of shares based on the redemption date and                      the fair market value of the Class A common stock; |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | upon a minimum of 30 days’ prior written notice of redemption; |
|--------|---------|----------------------------------------------------------------------|

|   | • | if, and only if, the last reported sale price of our Class A common stock equals or exceeds $10.00 per public share (as adjusted per stock subdivisions, stock dividends, reorganizations,                      recapitalizations and the like) on the trading day before the Company sends the notice of redemption to the warrant holders; and |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | if, and only if, the private placement warrants are also concurrently exchanged at the same price (equal to a number of Class A common stock) as the outstanding public warrants, as described above. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Gross proceeds                                                                  |   | $      | 276,000,000 |   |
|---------------------------------------------------------------------------------|--------|--------|-------------|--------|
| Less:                                                                           |   |   |        |   |
| Offering costs allocated to Class A common stock subject to possible redemption |   |   | (368,276    | )      |
| Private placement warrants proceeds in excess of fair value                     |   |   | (5,411,275  | )      |
| Plus:                                                                           |   |   |        |   |
| Re-measurement of carrying value to redemption value                            |   |   | 11,299,544  |   |
|                                                                            |   |   |        |   |
| Class A common stock subject to possible redemption                             |   | $      | 281,520,000 |   |
| Description                                     |   | Level  |   |   | December 31, 2021 |   |
|-------------------------------------------------|--------|--------|--------|--------|-------------------|--------|
| Assets:                                         |   |   |   |   |              |   |
| Marketable securities held in the Trust Account |   |   | 1      |   |              | $      | 281,521,183 |   |
|                                 |   | For the Period From March 16, 2021 (Inception)                     Through December 31, 2021 |     |
|--------------------------------------|--------|----------------------------------------------------------------------------------------------|----------|
| Deferred tax assets:                 |   |                                                                                         |     |
| Net operating losses                 |   | $                                                                                            | 127,274  |   |
| Start-up costs                       |   |                                                                                         | 47,076   |   |
| Total deferred tax assets            |   |                                                                                         | 174,350  |   |
|                                 |   |                                                                                         |     |   |
| Valuation Allowance                  |   |                                                                                         | (174,350 |  ) |
|                                 |   |                                                                                         |     |   |
| Deferred tax asset, net of allowance |   | $                                                                                            | -        |  |

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|                          |   | For the Period From March 16, 2021 (Inception) Through December 31, 2021 |     |
|-------------------------------|--------|--------------------------------------------------------------------------|----------|
| Federal                       |   |                                                                     |     |
| Current                       |   | $                                                                        | -        |   |
| Deferred                      |   |                                                                     | (174,350 | ) |
| State and local               |   |                                                                     |     |   |
| Current                       |   |                                                                     | -        |   |
| Deferred                      |   |                                                                     | -        |   |
| Change in valuation allowance |   |                                                                     | 174,350  |   |
| Income tax provision          |   | $                                                                        | -        |   |
|                        |   | For the Period From March 16, 2021 (Inception) ThroughDecember 31,2021 |    |
|-----------------------------|--------|------------------------------------------------------------------------|---------|
| U.S. federal statutory rate |   |                                                                   | 21.0%   |   |
| Valuation allowance         |   |                                                                   | (21.0)% |   |
| Income tax provision        |   |                                                                   | -       |   |

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| Exhibit |   | Description                                                                                                                                                                                                                                                                                                                                        |
|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1     |   | Amended and Restated Certificate of Incorporation (Incorporated by reference to the corresponding exhibit to the Company’s Current Report on Form 8-K (File No. 001-41104), filed with the SEC on December 6,                2021).                                                                                                          |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 3.2     |   | Amended and Restated Bylaws (Incorporated by reference to the corresponding exhibit to the Company’s Current Report on Form 8-K (File No. 001-41104), filed with the SEC on December 6, 2021).                                                                                                                                               |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.1     |   | Specimen Unit Certificate (Incorporated by reference to the corresponding exhibit the Company’s Registration Statement on Form S-l (File No. 333-261015), filed with the SEC on November 12, 2021).                                                                                                                                          |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.2     |   | Specimen Class A common stock Certificate (Incorporated by reference to the corresponding exhibit the Company’s Registration Statement on Form S-l (File No. 333-261015), filed with the SEC on November 12,                2021).                                                                                                           |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.3     |   | Specimen Warrant Certificate (Incorporated by reference to the corresponding exhibit the Company’s Registration Statement on Form S-l (File No. 333-261015), filed with the SEC on November 12, 2021).                                                                                                                                       |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.4     |   | Warrant Agreement between the Company and Continental Stock Transfer & Trust Company, dated as of December 17, 2020 (Incorporated by reference to exhibit 4.1 to the Company’s Current Report on Form 8-K                (File No. 001-41104), filed with the SEC on December 6, 2021).                                                  |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 4.5     |   | Description of Securities                                                                                                                                                                                                                                                                                                                          |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 10.1    |   | Private Placement Warrants Purchase Agreement, dated November 30, 2021, by and among the Company and PROOF Acquisition Sponsor I, LLC (Incorporated by reference to the corresponding exhibit to the Company’s                Current Report on Form 8-K (File No. 001-41104), filed with the SEC on December 6, 2021).                      |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 10.2    |   | Investment Management Trust Agreement, dated November 30, 2021, by and between the Company and Continental Stock Transfer & Trust Company, as trustee. (Incorporated by reference to the corresponding                exhibit to the Company’s Current Report on Form 8-K (File No. 001-41104), filed with the SEC on December 6, 2021). |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 10.3    |   | Registration Rights Agreement, dated November 30, 2020, by and among the Company, PROOF Acquisition Sponsor I, LLC, and the other holders party thereto (Incorporated by reference to the corresponding exhibit                to the Company’s Current Report on Form 8-K (File No. 001-41104), filed with the SEC on December 6, 2021).    |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 10.4    |   | Letter Agreement, dated November 30, 2020, by and among the Company, PROOF Acquisition Sponsor I, LLC and Officers and Directors of the Company (Incorporated by reference to the corresponding exhibit to the                Company’s Current Report on Form 8-K (File No. 001-41104), filed with the SEC on December 6, 2021).            |
|    |   |                                                                                                                                                                                                                                                                                                                                               |
| 10.5    |   | Administrative Services Agreement between PROOF Acquisition Sponsor I, LLC and the Company, dated November 30, 2021. (Incorporated by reference to the corresponding exhibit to the Company’s Current Report on                Form 8-K (File No. 001-41104), filed with the SEC on December 6, 2021).                                       |
| 31.1   |   | Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                               |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                  |
| 31.2   |   | Certification of Principal Financial and Accounting Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of                2002. |
|   |   |                                                                                                                                                                                                                                  |
| 32.1   |   | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                |
|   |   |                                                                                                                                                                                                                                  |
| 32.2   |   | Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                 |

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| March 28, 2022 |                     |
|----------------|--------------------------|
|           |                     |
|           | PROOF ACQUISITION CORP I |
|           |                     |   |
|           | By:                      | /s/ John C. Backus, Jr. |
|           |                     | Name: | John C. Backus, Jr. |
|           |                     | Title: | Chief Executive Officer |
| Name                    |   | Title                                        |   | Date           |
|-------------------------|--------|----------------------------------------------|--------|----------------|
|                    |   |                                         |   |           |
| /s/ John C. Backus, Jr. |   | Chief Executive Officer and Director         |   | March 28, 2022 |
| John C. Backus, Jr.     |   | (Principal Executive Officer)                |   |                |
|                    |   |                                         |   |           |
| /s/ Steven P. Mullins   |   | Chief Financial Officer                      |   | March 28, 2022 |
| Steven P. Mullins       |   | (Principal Financial and Accounting Officer) |   |           |
|                    |   |                                         |   |           |
| /s/ Peter C. Harrison   |   | Director                                     |   | March 28, 2022 |
| Peter C. Harrison       |   |                                         |   |           |
|                    |   |                                         |   |           |
| /s/ Coleman Andrews     |   | Director                                     |   | March 28, 2022 |
| Coleman Andrews         |   |                                         |   |           |
|                    |   |                                         |   |           |
| /s/ Mark Lerdal         |   | Director                                     |   | March 28, 2022 |
| Mark Lerdal             |   |                                         |   |           |
|                    |   |                                         |   |           |
| /s/ Lisa Suennen        |   | Director                                     |   | March 28, 2022 |
| Lisa Suennen            |   |                                         |   |           |

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