Surf Air Mobility in an amended regulatory filing said it intends to begin a direct listing July 11 on the NYSE under the ticker symbol SRFM.
The registered stockholders intend to sell up to 18.8 million shares. They represent all major existing investors in the company, including management. In addition to those shares, Surf Air is also registering shares to be distributed to existing shareholders as part of its reorganization and acquisition of Southern Airways.
During the second quarter through June 20, Surf Air sold stock in a private transaction at $11.86 per share. At that price, the company would have a fully diluted market value of $597 million.
The direct listing comes seven months after Surf Air terminated a merger agreement with Tuscan Holdings II. 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.
