Surf Air Mobility Inc. - SRFM STOCK NEWS

Surf Air Mobility has secured a $50 million financing package from Comvest Partners, comprising a $44.5 million term loan and a $5.5 million delayed draw term loan. The four-year facility, priced at SOFR +5%, aims to strengthen the company's balance sheet and fund its transformation plan. The company has outlined a four-phase transformation strategy including: completed transformation phase with improved capital structure, optimization phase (2025-2026) focusing on airline operations, expansion phase (2026-2027) for tier 1 routes growth, and acceleration phase (2027+) implementing electrification technologies.

Surf Air Mobility (NYSE: SRFM) has scheduled its Q3 2024 financial results announcement for November 14, 2024, after market close. The company will host a webcast at 5:00 pm ET on the same day. Investors can participate through advance registration or access the webcast through the company's investor relations website. Alternative dial-in options are available for North American (800-715-9871) and International (646-307-1963) participants using Conference ID 4775356.

Surf Air Mobility Inc. (NYSE: SRFM), a regional air mobility platform, has received an Acceptance Letter from the NYSE's Listings Operations Committee on August 20, 2024. The letter confirms the NYSE's acceptance of Surf Air's plan to regain compliance with the exchange's listing standards. The company now has until November 20, 2025, to meet the continued listing requirements. This development follows Surf Air's previous submission of a compliance plan to the NYSE. Further details about the Acceptance Letter can be found in Surf Air's Current Report on Form 8-K, filed with the SEC on August 21, 2024, available under the 'SEC Filings' section of the company's investor relations website.

Surf Air Mobility (NYSE: SRFM) reported strong Q2 2024 financial results, exceeding expectations. Revenue increased 13.2% year-over-year to $32.4 million, driven by growth in Scheduled and On Demand services. The company's Adjusted EBITDA loss was $11.8 million, outperforming initial projections. Notably, regional airline operations achieved positive adjusted EBITDA for the quarter.

Key developments include the formation of Surf Air Technologies with Palantir Technologies to develop AI-powered software for the advanced air mobility industry. The company is also progressing in aircraft electrification and software development. For Q3 2024, Surf Air Mobility expects revenue between $25.0-$28.0 million and Adjusted EBITDA loss of $13.0-$10.0 million.

Surf Air Mobility (NYSE: SRFM) has announced plans to form Surf Air Technologies , a new venture aimed at developing AI-powered software tools for the advanced air mobility industry. The core platform, SurfOS, will be powered by Palantir Technologies (NYSE: PLTR). This initiative builds on the successful collaboration between Surf Air and Palantir since 2021, which has already yielded improvements in Surf Air's operations, including a 25% increase in revenue per trip for its On Demand charter division.

SurfOS will focus on addressing key opportunities in advanced air mobility, such as dynamic pricing, revenue management, and optimal aircraft and crew utilization. The potential market is substantial, with the FAA reporting 1,818 Part 135 operators and 11,702 aircraft in the U.S. alone. Industry reports estimate the regional air mobility market could reach $75-115 billion by 2035, with urban air mobility potentially reaching $1 trillion by 2040.

Surf Air Mobility (NYSE: SRFM) has announced the terms of its previously disclosed 1-for-7 reverse stock split, effective August 19, 2024. The split aims to help the company regain compliance with NYSE's minimum bid price requirements. Key points include:

- Every seven shares will be reclassified into one new share
- No fractional shares will be issued; affected stockholders will receive cash payments
- The split won't change stockholders' percentage ownership or rights
- Exercise prices and share numbers for equity awards will be adjusted proportionally
- Post-split, approximately 12,826,529 shares of common stock will be outstanding
- The new CUSIP number will be 868927 203

Stockholders with shares held by nominees or in book-entry form don't need to take action. Certificated shareholders will be contacted with further instructions.

Surf Air Mobility (NYSE: SRFM) has closed a $35.2 million mandatory convertible security deal with GEM Global Yield This strategic move aims to reduce near-term stock overhang by canceling a significant portion of GEM's freely tradable shares. The agreement includes a 10% daily volume sales restriction on GEM and related entities, and grants Surf Air the flexibility to redeem the security at 115% of the outstanding par amount.

The convertible security has a maximum conversion of 8 million shares of Surf Air's common stock. Additionally, GEM has agreed to restore the full $400 million capacity of Surf Air's share subscription facility, allowing for both advance and regular way drawdowns. This deal enhances Surf Air's financial flexibility while addressing potential dilution concerns.

Surf Air Mobility Inc. (NYSE: SRFM), a regional air mobility platform, has announced it will release its Q2 2024 financial results on August 14, 2024, after market close. The company will host a webcast at 5:00 pm ET the same day to discuss the results. Interested parties can register in advance for the webcast or access it through the 'Events & Presentations' section of Surf Air's investor relations website. Alternatively, listeners can dial into the call using the provided toll-free and international numbers, along with the conference ID.

Surf Air Mobility (NYSE: SRFM) has appointed Louis Saint-Cyr as President of Hawai’i Operations, overseeing Mokulele Airlines. Saint-Cyr brings extensive experience from Hawaiian Airlines, Air Canada, and WestJet. Mokulele Airlines, Surf Air's largest operational region, operates 112 departures daily across 5 islands, connecting 9 destinations on 10 routes. This strategic move aims to enhance air operations, guest experience, and compliance. Saint-Cyr will report to Jim Sullivan, recently appointed President of Air Mobility.