Seven months after terminating a SPAC deal, Surf Air Mobility filed today for a direct listing, SEC records show. The filing confirms reporting last week that a direct listing was imminent.
The EV aircraft travel company intends to list on the NYSE. Existing stockholders will list the Class A shares. Surf Air did not divulge a reference price or the timing of the listing, nor did it mention the size of the float.
The company is also registering shares that will go to existing stockholders as part of its acquisition of Southern Airways.
Surf Air and Tuscan Holdings II mutually terminated a merger agreement in November 2022. The SPAC disclosed at the time that if Surf Air completes a direct listing, IPO, a SPAC transaction or a sale by Nov. 14, 2025, Surf Air will issue to Tuscan 600,000 shares and reimburse Tuscan’s expenses by issuing an additional 35,000 shares or paying the SPAC $700,000 in cash.
The SPAC deal was expected to fetch up to $467 million in gross cash proceeds for Surf Air.
Surf Air Mobility provides a regional air mobility platform with scheduled routes and on demand charter flights operated by third-party Part 135 charter operators. The company intends to accelerate the adoption of green flying and develop proprietary powertrain technology to electrify existing fleets, reducing operating costs and emissions. Read more.
