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Tuscan Holdings Corp. II (NASDAQ: THCA) and Surf Air Mobility Inc. have mutually agreed to terminate their merger agreement, effective immediately. The decision was approved by both companies' boards of directors. This termination halts the planned merger aimed at promoting green aviation and electrification in air travel. Details of the termination can be found in the Form 8-K filed with the SEC on November 15, 2022.
Tuscan Holdings Corp. II (THCA) has announced that its partner, Surf Air Mobility Inc. (SAM), has filed a registration statement with the U.S. SEC for a proposed business combination. This includes SAM's acquisition of Southern Airways Corporation. The transactions have been approved by the respective boards and are expected to close in Q4 2022, subject to various approvals. The registration statement contains a preliminary proxy statement/prospectus detailing the transactions. Investors are encouraged to review these documents for important information regarding THCA and SAM.
Tuscan Holdings Corp. II (NASDAQ: THCA) announced it received a notification from NASDAQ regarding non-compliance with Listing Rule 5250(c)(1) due to the absence of its Form 10-Q for Q1 2022. The company has until August 1, 2022, to submit a compliance plan, which may lead to an extension of up to 180 days if accepted. While this notification doesn't immediately affect its NASDAQ listing, the risk remains that Tuscan may not meet the required filing deadlines or listing criteria.
Surf Air Mobility (SAM) has partnered with magniX and AeroTEC to develop hybrid and fully-electric powertrains for Cessna Grand Caravan aircraft. This collaboration aims to cut operating costs and emissions, facilitating affordable regional air mobility. SAM has also signed a business combination agreement with Tuscan Holdings Corp. II (THCA) for a public listing. The company plans to achieve 50% carbon emissions reductions and 25% operating cost reductions with its hybrid electric aircraft, which will not require ground charging infrastructure.
Surf Air Mobility (SAM) announced a merger with Tuscan Holdings Corp. II (THCA) and the acquisition of Southern Airways Corporation. This strategic move is set to position SAM as a leader in electrification within commercial aviation, aiming to significantly reduce operational costs and carbon emissions. The combined companies anticipate generating approximately $100 million in revenue in 2022, marking a 50% year-over-year increase. The merger is expected to provide up to $467 million in gross proceeds. SAM plans to use proprietary technology to electrify its fleet and expand its regional air mobility platform.
Surf Air Mobility has announced a definitive agreement to merge with Southern Airways Corporation, aiming to establish a leading regional air mobility platform. This merger will facilitate the commercialization of hybrid-electric aircraft, enhancing the integration of Southern's fleet of nearly 40 Cessna Grand Caravans. The move is set to target a 25% reduction in aviation emissions compared to conventional systems. Additionally, the merger positions Surf Air Mobility to go public by merging with Tuscan Holdings Corp. II (THCA), pending regulatory approvals.
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