07.08.2023 - 23:06 UTC
Surf Air (URF, Santa Monica) parent Surf Air Mobility has confirmed an order previously announced in July 2021 for 100 Cessna (single turboprop) C208EX Grand Caravans with hybrid-electric propulsion systems and a further 50 options, as it announced the completion of its acquisition of US commuter carrier Southern Airways Express (9X, Memphis International).
A regional air mobility platform with scheduled routes and on-demand charter flights operated by third parties, Surf Air clarified in its statement on August 2 that “the transaction closed immediately prior to the listing of Surf Air Mobility on the New York Stock Exchange” on July 27. Southern Airways Express, considered the largest commuter airline and biggest passenger operator of Cessna Caravans in the United States by scheduled departures, is now a wholly-owned subsidiary of the company.
Southern chairman and chief executive Stan Little had already confirmed the merger to ch-aviation in late July. Little becomes the CEO of the combined entity, which expects to take delivery of the first of the 208s - to be acquired from...
27.07.2023 - 21:40 UTC
US commuter carrier Southern Airways Express (9X, Memphis International) has merged with electric aviation company Surf Air Mobility Inc. (SAM), the parent of Surf Air (URF, Santa Monica), ahead of the joint company's listing on the New York Stock Exchange, Southern chairman and chief executive officer Stan Little has confirmed to ch-aviation.
"SurfAir Mobility’s launch on the New York Stock Exchange sets in motion our business plan to electrify air travel around the world. Specifically, the merger with Southern Airways has now been consummated, the partnership with Textron Aviation (Wichita Cessna Aircraft Field) has gone into effect, and capital from multiple sources has been put in place. Now the real work can begin!” Little said.
SAM announced its direct listing on the NYSE on July 27 with an announced reference price of USD20 per share for its common stock. The Los Angeles-based electric aviation and regional air travel company hoped to raise more than USD200 million through the direct public listing - which, unlike an Initial Public Offering...
Editorial Comment: Added a comment from Stan Little. - 29.07.2023 - 19:14 UTC
05.07.2023 - 13:40 UTC
Surf Air Mobility Inc. (SAM) - the parent of Surf Air (URF, Santa Monica) - may raise more than USD200 million through a direct public listing on the New York Stock Exchange on July 11, 2023, according to a filing with the US Securities and Exchange Commission (SEC). Unlike an Initial Public Offering (IPO), a direct listing requires no newly-issued shares and no involvement of underwriters.
According to an SEC disclosure, SAM will offer up to 18.8 million shares, citing a share price of between USD5.93 and USD11.86 per share as a price at which SAM shares changed hands in private transactions earlier this year.
The direct listing will run under the symbol "SRFM". Without a traditional underwritten IPO, the direct listing is "a novel method for commencing public trading in shares, and consequently, the trading volume and price per share may be more volatile than if shares are listed in connection with an underwritten IPO", the company said.
The public listing will follow a primary offering of common stock to be distributed to Surf...
23.06.2023 - 18:32 UTC
Surf Air (URF, Santa Monica) parent Surf Air Mobility Inc. has announced an updated investment commitment from Gem Global Yield LLC SCS (GGY) by which the Luxembourg-based investor may purchase a specified maximum number of shares of Surf Air Mobility common stock for a maximum aggregate purchase price of USD400 million, over a specified term.
Surf Air Mobility may request advances under the share subscription facility of up to USD100 million, consisting of four incremental advances of up to USD25 million each.
In addition, Surf Air Mobility has entered into a Share Purchase Agreement with GGY in which Surf Air has agreed to issue to GGY 1,000,000 shares of Surf Air Mobility common stock for a purchase price of USD25 per share. This agreement is expected to close when Surf Air Mobility becomes a public company, subject to certain conditions.
As reported, Surf Air Mobility recently announced its intention to go public through a direct listing on the New York Stock Exchange, to be preceded by a merger with Southern Airways Corporation, the...
