Surf Air Mobility Inc. - SRFM STOCK NEWS

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.

Surf Air Mobility (NYSE: SRFM) has announced the appointment of Jim Sullivan as the new President of Air Mobility, effective July 15th. Sullivan, an experienced aviation executive and former airline captain, has held leadership roles at Lynx Air, JetBlue Airways, Frontier Airlines, and Great Lakes Airlines. He also served as SVP of Surf Air Operations from 2014-2017. In his new role, Sullivan will oversee air operations and commercial strategy for Surf Air, Southern Airways, and Mokulele Airlines, focusing on safety, compliance, and growth.

Surf Air Mobility (NYSE: SRFM) has entered into a memorandum of understanding with Asta Linhas Aéreas, a Brazilian regional air operator, to upgrade up to four Cessna Grand Caravan aircraft with Surf Air's electrified powertrain technology. The partnership aims to reduce operational costs and environmental impact by lowering emissions and enhancing operational efficiency. Surf Air's technology targets a 50% reduction in direct operating costs and aims for 100% carbon emission reduction with its fully-electric variant. Similar agreements have been made with other operators, including Azul Conecta in Brazil and multiple operators in East Africa.

Surf Air Mobility (NYSE: SRFM) announced its participation at Palantir Technologies' AIPCon June 2024, scheduled for June 6th. The event will feature Surf Air's CTO leading a workshop on utilizing Palantir's AI platform for regional air mobility. Since 2021, Surf Air has collaborated with Palantir to develop software tools for Part 135 regional air operators. The partnership aims to provide these operators with advanced tools similar to those used by larger commercial airlines. Deanna White, Interim CEO & COO, emphasized Palantir Foundry's role in enhancing their technology platform and transforming regional air mobility.

Surf Air Mobility (NYSE: SRFM) has launched subsidized commuter air service between Williamsport Regional Airport (IPT) and Washington Dulles International Airport (IAD) via its subsidiary Southern Airways. This marks the first commercial flights at Williamsport in over two years, offering connections to global destinations through partners like United, American Airlines, and Alaska Airlines. The service includes ten weekly flights with fares starting at $99 one-way, aiming to provide more accessible and affordable travel for Williamsport and surrounding areas. Community support and grants have mitigated financial risks, and the flights will utilize the convenient H gates at Dulles. The launch has been warmly welcomed by local officials and businesses.

Surf Air Mobility (NYSE: SRFM) received a notice from the NYSE on May 20, 2024, indicating non-compliance with the Minimum Market Capitalization Standard under Section 802.01B. The company's average global market cap over 30 consecutive trading days was below $50 million, and its stockholders' equity was also under $50 million. Surf Air has 45 days to submit a business plan to regain compliance. If approved, the company will have an 18-month cure period while shares remain listed. The notice does not affect current trading or operations, and the company remains confident in its strategic plan and leadership.