16 July 2023 || 3 min read
Los Angeles-based electric aviation company, Surf Air Mobility, is expanding regional air travel through electrification. The company aims to develop powertrain technology with commercial partners to bring electrified aircraft to the market at scale, reducing costs and environmental impact. Surf Air Mobility recently announced its plan to be listed on the New York Stock Exchange as a publicly traded company, using the ticker symbol “SRFM.” This listing is expected to occur during the week of July 24th, following its acquisition of regional carrier Southern Airways.
Surf Air Mobility has been supporting the development of hybrid and fully electric propulsion systems for Cessna Grand Caravans. The goal is to retrofit existing turboprop aircraft and electrify regional plane fleets, promoting sustainability in aviation.
To strengthen its financial position, Surf Air Mobility secured an agreement with investment group Gem Global Yield. Gem has committed to purchasing 1 million shares of Surf stock at $25 per share upon the company’s public listing, providing potential funding of up to $400 million. This collaboration will support Surf Air Mobility’s future projects.
Operating as a membership-based platform, Surf Air Mobility allows members to book flights with third-party operators in California. The company is recognized for delivering exceptional user experiences in the regional air mobility segment.
By acquiring Southern Airways Express, Surf Air Mobility plans to establish a comprehensive regional airline network across the United States. This network will serve cities across various regions, including the mid-Atlantic, Gulf Coast, Midwest, Rocky Mountains, West Coast, New England, and Hawaii.
Surf Air Mobility filed a registration statement with the US Securities and Exchange Commission on June 5th, setting the stage for its stock exchange listing. The completion of the acquisition with Southern Airways is a requirement for this process.
Why it’s important: The listing represents a fresh start for Surf Air Mobility after the termination of its previous merger deal. Unlike an initial public offering, a direct listing allows shareholders to sell shares directly to the public. This approach provides flexibility and adaptability to market conditions. Surf Air Mobility’s listing on the New York Stock Exchange marks a significant milestone, as the company drives the development and deployment of electrified aircraft. By prioritizing sustainability and exceptional travel experiences, Surf Air Mobility is poised to revolutionize regional air travel.
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