Surf Air Mobility Receives Continued Listing Standard Notice from NYSE
06 April 2024 - 8:00AM
Business Wire
Surf Air Mobility continues to trade on the
NYSE under ticker symbol SRFM.
Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility”,“Surf
Air”), a leading regional air mobility platform, today announced
that on April 2, 2024 it received notice from the New York Stock
Exchange (“NYSE”) that it is not in compliance with Section 802.01C
of the NYSE Listed Company Manual because the average closing price
of Surf Air’s Common Stock was less than $1.00 over a consecutive
30 trading-day period.
The NYSE notice has no immediate impact on the listing of Surf
Air’s Common Stock, and the Common Stock will continue to be listed
and trade on the NYSE, subject to Surf Air’s compliance with other
NYSE continued listing standards.
Surf Air plans to notify the NYSE within 10 business days that
it intends to regain compliance with Rule 802.01C and cure the
stock price deficiency. Surf Air can regain compliance at any time
within the six-month period following receipt of the NYSE notice if
on the last trading day of any calendar month during the cure
period Surf Air has a closing share price of at least $1.00 and an
average closing share price of at least $1.00 over the 30
trading-day period ending on the last trading day of that month.
Surf Air intends to consider available alternatives, including, but
not limited to, a reverse stock split, subject to stockholder
approval no later than at Surf Air’s next annual meeting of
stockholders, if necessary to cure the stock price non-compliance.
Under the NYSE’s rules, if Surf Air determines that it will cure
the stock price deficiency by taking an action that will require
stockholder approval at its next annual meeting of stockholders,
the price condition will be deemed cured if the price promptly
exceeds $1.00 per share, and the price remains above that level for
at least the following 30 trading days.
The notice is not anticipated to impact the ongoing business
operations of Surf Air and its subsidiaries or its reporting
requirements with the U.S. Securities and Exchange Commission.
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based regional air mobility
platform expanding the category of regional air travel to transform
flying through the power of electrification. In an effort to
substantially reduce the cost and environmental impact of flying
and as the operator of the largest commuter airline in the US, Surf
Air Mobility intends to develop powertrain technology with its
commercial partners to electrify existing fleets and bring
electrified aircraft to market at scale. The management team has
deep experience and expertise across aviation, electrification, and
consumer technology.
Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995, including statements regarding Surf Air’s ability to regain
compliance with NYSE rules and plans to cure the stock price
deficiency and any impacts of the stock price deficiency on Surf
Air’s business or operations. Readers of this release should be
aware of the speculative nature of forward-looking statements.
These statements are based on the beliefs of the Company’s
management as well as assumptions made by and information currently
available to the Company and reflect the Company’s current views
concerning future events. As such, they are subject to risks and
uncertainties that could cause actual results or events to differ
materially from those expressed or implied by such forward-looking
statements. Such risks and uncertainties include, among many
others: the outcome of any stockholder approval that may be
necessary to cure the stock price non-compliance; Surf Air
Mobility’s future ability to pay contractual obligations and
liquidity, which will depend on operating performance, cash flow
and ability to secure adequate financing; Surf Air Mobility’s
limited operating history and that Surf Air Mobility has not yet
manufactured any hybrid-electric or fully-electric aircraft; the
powertrain technology Surf Air Mobility plans to develop does not
yet exist and remains subject to approval by regulators; Surf Air
Mobility’s ability to maintain and strengthen its brand and
reputation as a regional airline; any accidents or incidents
involving aircraft including those involving fully-electric or
hybrid-electric aircraft; Surf Air Mobility’s ability to accurately
forecast demand for products and manage product inventory in an
effective and efficient manner; Surf Air Mobility’s dependence on
third-party partners and suppliers for the components and
collaboration in Surf Air Mobility’s development of fully-electric
and hybrid-electric powertrains, and any interruptions,
disagreements or delays with those partners and suppliers; Surf Air
Mobility’s ability to execute business objectives and growth
strategies successfully or sustain Surf Air Mobility’s growth;
risks from the integration of business acquisitions that could
adversely affect Surf Air Mobility’s business, divert the attention
of management, and dilute shareholder value; increased costs as a
result of operating as a public company, and the requirement that
management devote substantial time to comply with Surf Air
Mobility’s public company responsibilities and corporate governance
practices; the ability of Surf Air Mobility’s customers and
potential customers to pay for Surf Air Mobility’s services; Surf
Air Mobility’s ability to obtain additional financing or access the
capital markets to fund its ongoing operations on acceptable terms
and conditions; the outcome of any legal proceedings that might be
instituted against Surf Air Mobility; changes in applicable laws or
regulations, and the impact of the regulatory environment and
complexities with compliance related to such environment; and other
risks and uncertainties discussed in Surf Air Mobility’s Annual
Report on Form 10-K for the year ended December 31, 2023. These and
other risks are discussed in detail in the periodic reports that
the Company files with the SEC, and investors are urged to review
those periodic reports and the Company’s other filings with the
SEC, which are accessible on the SEC’s website at www.sec.gov,
before making an investment decision. The Company assumes no
obligation to update its forward-looking statements except as
required by law.
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