Surf air mobility announced that it anticipates its common stock will begin trading on the New York Stock Exchange under the ticker symbol SRFM during the week of July 24. The company initially said last month the listing would begin this week.
Surf Air is a regional air travel company.
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 eight months after the company 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. Read more.