Tuscan Holdings Corp. II and Surf Air Mobility Inc. Announce Mutual Termination of Merger Agreement

Rhea-AI Summary

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.

Positive

• None.

Negative

• Termination of the merger may impact future growth opportunities.
• Loss of potential synergies associated with the merger.

LOS ANGELES--(BUSINESS WIRE)-- Tuscan Holdings Corp. II (Nasdaq: THCA), a special purpose acquisition company, and Surf Air Mobility Inc., a regional air travel company working to accelerate the adoption of green aviation, announced today that they have terminated their previously announced agreement and plan of merger, effective immediately, by the mutual agreement of all relevant parties. The termination was approved by both companies’ boards of directors.

For more information, please refer to the current report on Form 8-K filed by Tuscan Holding Corp. II with the Securities and Exchange Commission on November 15, 2022.

About Tuscan Holdings Corp. II

Tuscan Holdings Corp. II is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses.

About Surf Air Global and Surf Air Mobility

Surf Air Global Limited (“Surf Air”), together with its subsidiary, Surf Air Mobility Inc. (“SAM”), is a Los Angeles-based electric aviation and air travel company that seeks to reinvent flying through the power of electrification. SAM intends to bring electrified aircraft to market at scale in order to substantially reduce the cost and environmental impact of flying. Surf Air’s management team has deep experience and expertise across aviation, electrification, and consumer technology. Surf Air has a number of notable advisors including Arianna Huffington (founder, Huffington Post), Fred Reid (former Virgin America CEO, former President of Delta and Lufthansa), Jonathan Mildenhall (founder, 21st Century Brands, former Airbnb CMO), Dr. David Agus (founder/CEO of Ellison Institute), Matthew Anderson (former Roku CMO), and David Anderman (former General Counsel at SpaceX).

View source version on businesswire.com: https://www.businesswire.com/news/home/20221115006539/en/

Media

press@surfair.com

Investors

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Source: Tuscan Holdings Corp. II

FAQ

Why was the merger between Tuscan Holdings Corp. II and Surf Air Mobility Inc. terminated?

The merger was terminated by mutual agreement of both parties, as approved by their respective boards of directors.

What does the termination of the merger mean for THCA stock?

The termination may affect investor sentiment and future growth prospects for Tuscan Holdings Corp. II.

When was the merger agreement between THCA and Surf Air Mobility announced?

The merger agreement was announced prior to its termination, but specific details can be found in their SEC filings.

Where can I find more information about the merger termination?

Additional details regarding the merger termination can be found in the Form 8-K filed with the SEC on November 15, 2022.