Surf Air Mobility Announces NYSE Acceptance of Plan to Regain Listing Compliance

Rhea-AI Summary

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.

Positive

• NYSE accepted Surf Air Mobility's plan to regain listing compliance
• Company granted extension until November 20, 2025, to meet listing standards

Negative

• Surf Air Mobility currently not in compliance with NYSE listing standards

Insights

Financial Analyst

Surf Air Mobility's acceptance of its compliance plan by NYSE is a mildly positive development, but it's important to understand the broader context. The company now has until November 20, 2025 to meet the listing standards, which provides a significant runway. However, this also indicates ongoing challenges that led to non-compliance in the first place.

Investors should focus on Surf Air's operational performance and financial health in the coming quarters. The extended timeline suggests that substantial improvements are needed, which may require strategic shifts or capital infusions. While avoiding immediate delisting is beneficial, it's not a guarantee of long-term success. Shareholders should closely monitor the company's progress in executing its compliance plan and achieving sustainable growth.

Legal Expert

The NYSE's acceptance of Surf Air Mobility's compliance plan is a procedural milestone rather than a fundamental business achievement. It's important to note that this acceptance doesn't waive the NYSE's right to commence delisting procedures if circumstances warrant.

Investors should review the Form 8-K filing for detailed conditions and milestones set by NYSE. These could include financial targets, minimum share price requirements, or governance changes. Non-compliance with these conditions could still lead to delisting before the November 2025 deadline. The extended compliance period provides regulatory breathing room, but also signals to the market that Surf Air faces significant challenges in meeting standard listing requirements.

LOS ANGELES--(BUSINESS WIRE)-- Surf Air Mobility Inc. (NYSE: SRFM), a leading regional air mobility platform, today announced that it received an Acceptance Letter from the NYSE’s Listings Operations Committee, dated August 20, 2024, stating that the NYSE has accepted the Company’s previously submitted plan to regain compliance with the NYSE’s listing standards. In the Acceptance Letter, the NYSE confirmed that the Company has until November 20, 2025 to regain compliance with the continued listing standards.

Additional details regarding the Acceptance Letter are included in, and the description above is qualified in its entirety by, Surf Air's Current Report on Form 8-K furnished with the SEC on August 21, 2024, which will be made available under “SEC Filings" at https://investors.surfair.com.

About Surf Air Mobility

Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to transform flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the owner of the largest commuter airline in the US, Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. The management team has deep experience and expertise across aviation, electrification, and consumer technology.

Forward-Looking Statements

This Press Release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding Surf Air Mobility’s ability to regain compliance with NYSE rules and plans to cure the Minimum Market Capitalization Standard deficiency and any impacts of the deficiency on Surf Air Mobility’s business or operations. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility’s management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s ability to execute on its plan to regain compliance with the continued listing criteria of the NYSE within the available cure period; risks arising from the potential suspension of trading of Surf Air Mobility’s common stock on the NYSE; and general economic risks. These and other risks are discussed in detail in the periodic reports that Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. Surf Air Mobility assumes no obligation to update its forward-looking statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240821318363/en/

Media Contacts

Press: press@surfair.com

Investors: investors@surfair.com

Source: Surf Air Mobility Inc.

FAQ

What is the deadline for Surf Air Mobility (SRFM) to regain NYSE listing compliance?

Surf Air Mobility (SRFM) has until November 20, 2025, to regain compliance with the NYSE's continued listing standards.

When did Surf Air Mobility (SRFM) receive the NYSE Acceptance Letter?

Surf Air Mobility (SRFM) received the NYSE Acceptance Letter on August 20, 2024.

Where can investors find more information about Surf Air Mobility's (SRFM) NYSE compliance plan?

Investors can find more information in Surf Air Mobility'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.