Tuscan Holdings II filed a proxy and prospectus in whihc it asks shareholders to approved a deadline extension of six months. The proposal would push the deadline to Dec. 31.
Tuscan II has a merger agreement with electric aviation and air travel company Surf Air Mobility, which would then acquire commuter airlines Southern Airways in a deal valuing the combined enterprise at $1.42 billion.
Announced last month, the deal would fetch up to $467 million in gross cash proceeds, including committed capital from iHeartMedia, and Partners For Growth, and an equity line from Global Emerging Markets, as well as from THCA’s cash in trust (assuming no stockholder redemptions). The deal is also conditioned on the closing of the acquisition of Southern Airways.
The combined company, comprising Surf Air, Tuscan II and Southern Airways, expects to generate about $100 million revenue in 2022 revenue from all its business units.
Los Angeles-based Surf Air has been involved in a series of acquisitions and partnerships, including Textron, over the past year as it plans to use electrified aircraft across its network. Read more.
