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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.
Tuscan Holdings Corp. II (NASDAQ: THCA) has announced compliance with NASDAQ’s listing rules after filing its delinquished Annual Report on Form 10-K for the fiscal year ended December 31, 2021, on April 25, 2022. Initially, the company received a warning from NASDAQ on April 22, 2022, for failure to submit the report. Following the submission, NASDAQ confirmed that Tuscan has regained its compliance status. The company is focused on business combinations and other financial activities.
Tuscan Holdings Corp. II (THCA) announced on May 28, 2021, that it has received a notification from Nasdaq regarding its non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Quarterly Report on Form 10-Q for Q1 2021. The company has until July 26, 2021, to submit a compliance plan or file the overdue report. If successful, it may receive an extension of up to 180 days to regain compliance. The listing of THCA's securities on Nasdaq remains unaffected at this time.
Tuscan Holdings Corp. II (NASDAQ: THCAU) announced that its stockholders have approved the Extension Amendment Proposal, extending the deadline for a business combination from April 16, 2021, to September 30, 2021. The approval was supported by approximately 97.8% of stockholders who voted. Additionally, stockholders approved a proposal for the early winding up and redemption of all outstanding public shares, subject to the board's determination, and re-elected Sila Calderón and Michael Auerbach as directors.
