tw0122
2 weeks ago
Up to $4s coming down now $3.80s..
Company plans registration statement amendment to reduce share subscription facility shares from 40,000,000 shares to $15,000,000 (~4.4M shares at today’s price)Reduction of potential dilution unlocks ability to create significant shareholder value over timeLOS ANGELES--(BUSINESS WIRE)--Dec. 12, 2024--Surf Air Mobility Inc. (NYSE: SRFM) (the “Company” or “Surf Air”), a leading regional air mobility platform, announced today that it anticipates reducing potential future equity dilution by approximately 90%. As part of its new financing strategy, with increased reliance on debt versus equity financing, the Company plans to amend the registration statement associated with its share subscription facility with GEM Global Yield LLC (“GEM”). The anticipated amendment, which will require Securities Exchange Commission review, will reflect the Company’s plan to significantly reduce its use of the equity backed GEM facility by reducing the number of shares registered by approximately 35.6 million shares.Today’s announcement follows Surf Air’s recently announced $50M term loan, which enables the Company to continue to execute on its Transformation Plan without the need for the Company to draw significant funds from the GEM facility in the near term.“This enhanced financing strategy, coupled with continued progress against our Transformation Plan, further positions the Company to achieve profitability in our airline operations in 2025 and to unlock shareholder value over time,” said Deanna White, CEO of Surf Air Mobility. “Our recent $50 million financing enabled us to recalibrate and streamline our business plan so that it will require less capital to achieve profitability in the short- to medium term. We are excited to deliver a far less dilutive outcome to our shareholders than was previously contemplated.”The Company’s amended registration statement is expected to reflect the Company’s intention to access no more than $15 million in 2025 under the GEM facility going forward which, at current prices, represents approximately 4.4 million shares. The reduction of approximately 35.6 million shares that the Company would potentially issue under the GEM facility is equivalent to an approximate 90% reduction in potential dilution.The Company has also strengthened its balance sheet through (a) an extension of other secured debt maturities to December 31, 2028, (b) a reduction in costs from achieving M&A synergies and the exit of certain unprofitable routes, and (c) a reduction to past liabilities. As a result, the Company has a substantially reduced cash burn.As previously noted, during 2025 the Company intends to exit unprofitable flight routes, deploy four recently acquired new aircraft to more efficiently service certain routes, address maintenance backlogs, and leverage its SurfOS software platform to drive efficiencies. With a renewed focus on profitability of its airline operations over revenue growth in the coming year, the Company expects that revenue in 2025 will still exceed $100 million. Also, as previously noted, the Company expects that it will achieve profitability in its airline operations in 2025.About Surf Air MobilitySurf Air Mobility is a Los Angeles-based regional air mobility platform and the largest commuter airline in the U.S. by scheduled departures as well as the largest passenger operator of Cessna Caravans in the U.S. In addition to its airline operations, Surf Air Mobility is currently developing an AI powered airline software operating system and is working toward certification of electric powertrain technology. Surf Air Mobility plans to offer our technology solutions to the entire regional air mobility industry to improve safety, efficiency, profitability and reduce emissions.
Oleblue
2 months ago
Palantir Technologies Inc. Expands Stake in Surf Air Mobility Inc.
GuruFocus News
Fri, October 4, 2024 at 9:02 PM EDT
SRFM
+40.34%
On October 2, 2024, Palantir Technologies Inc. (Trades, Portfolio), a prominent data analytics firm, made a significant addition to its investment portfolio by acquiring 1,270,869 shares of Surf Air Mobility Inc. (NYSE:SRFM). This transaction increased Palantir's total holdings in the company to 2,730,166 shares, marking a substantial endorsement of Surf Air Mobility's business model and future prospects. The shares were purchased at a price of $1.68 per share, reflecting a strategic move by Palantir in the transportation and technology sectors.
Insight into Palantir Technologies Inc. (Trades, Portfolio)
Warning! GuruFocus has detected 6 Warning Signs with SRFM.
Based in Denver, Colorado, Palantir Technologies Inc. (Trades, Portfolio) is not just any data firm; it's a powerhouse in leveraging big data for insightful analytics across various sectors. With a portfolio that includes only four companies but is highly selective and strategic, Palantir's investment actions are often watched closely by the market. The firm's top holdings include names like Allego NV (ALLGF), MSP Recovery Inc (NASDAQ:LIFW), and Rubicon Technologies Inc (RBTC), with Surf Air Mobility Inc. (NYSE:SRFM) being a notable part of this exclusive list. The firm's focus primarily lies in the industrials and technology sectors, aligning with its expertise in data analytics.
Palantir Technologies Inc. Expands Stake in Surf Air Mobility Inc.
Palantir Technologies Inc. Expands Stake in Surf Air Mobility Inc.
About Surf Air Mobility Inc.
Surf Air Mobility Inc., headquartered in the USA, operates a unique business model in the transportation industry. Since its IPO on July 27, 2023, the company has been at the forefront of electric aviation, focusing on regional air mobility with an emphasis on sustainability. Despite a challenging market, with a current market capitalization of $24.885 million and a stock price of $1.94, Surf Air Mobility aims to revolutionize air travel through its innovative on-demand and scheduled segments.
Transaction Impact and Strategic Analysis
The recent acquisition by Palantir Technologies Inc. (Trades, Portfolio) has not only increased its stake in Surf Air Mobility Inc. but also raised its position to 18.50% in the company, reflecting a strong vote of confidence in Surf Air Mobility's potential and strategic fit within Palantir's investment philosophy. This move could signal a deeper integration or potential collaborations between Palantirs data analytics capabilities and Surf Air Mobilitys operational needs.
Financial and Market Performance of Surf Air Mobility Inc.
Surf Air Mobility Inc. has faced financial challenges, as indicated by a PE Ratio of 0.00, suggesting the company is not currently generating profits. The GF Score of 14/100 points to potential struggles in future performance. However, the stock has seen a 15.48% increase since the transaction date, although it remains down 94.46% since its IPO and 81.02% year-to-date. These metrics highlight the high-risk, high-reward nature of investing in emerging technologies within the transportation sector.
Palantir Technologies Inc. Expands Stake in Surf Air Mobility Inc.
Palantir Technologies Inc. Expands Stake in Surf Air Mobility Inc.
Broader Market and Sector Implications
The investment by Palantir Technologies in Surf Air Mobility Inc. comes at a time when the transportation sector is increasingly intersecting with technology, particularly around sustainable solutions. This sector's dynamics, coupled with technological advancements, are likely to influence further investments by data-driven firms like Palantir, aiming to leverage their analytical capabilities to foster growth in innovative industries.
Conclusion
Palantir Technologies Inc. (Trades, Portfolio)'s recent investment in Surf Air Mobility Inc. underscores a strategic alignment with innovative and sustainable technology in the transportation sector. While the financial health of Surf Air Mobility poses risks, the potential for future growth and integration with Palantirs technologies could justify the significant stake taken by the firm. Investors and market watchers will undoubtedly keep a close eye on how this partnership evolves, potentially setting a precedent for similar investments in the sector.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
https://finance.yahoo.com/news/palantir-technologies-inc-expands-stake-010250068.html
Oleblue
4 months ago
Surf Air Mobility Announces Terms of Reverse Stock Split
Business Wire
Fri, Aug 9, 2024, 5:00 PM EDT
LOS ANGELES, August 09, 2024--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM) ("Surf Air Mobility," "we," or "the Company") announced today the terms of the Company’s previously disclosed reverse stock split (the "Reverse Split").
Authorization for the Reverse Split was approved by stockholders at Surf Air Mobility’s Annual Meeting on June 25, 2024. On August 8, 2024, the Board of Directors selected a Reverse Split ratio of 1-for-7 shares (the "Split Ratio") pursuant to the authorization approved by stockholders. The Reverse Split will be effective at 12:01 am Eastern Time on August 19, 2024 for all outstanding shares of Surf Air Mobility’s common stock. The Company’s common stock will continue to trade under the symbol "SRFM" and is expected to begin trading on the New York Stock Exchange ("NYSE") on a split-adjusted basis on August 19, 2024.
As a result of the Reverse Split, every seven shares of the Company’s issued and outstanding common stock will be automatically reclassified into one new share of common stock, which will remain fully paid and non-assessable. The Reverse Split will not modify any rights or preferences of any of Surf Air Mobility’s common stock, and will be applied uniformly and equally to stockholders, such that the percentage ownership interests in the Company’s equity will not change, except to the extent that the Reverse Split results in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Split, and in lieu thereof, stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment based on the closing trading price per share of the common stock on the NYSE on August 16, 2024, the trading day immediately preceding the effective time of the Reverse Split, as adjusted for the Split Ratio.
The Reverse Split will not change the number of authorized shares of each class of common stock, or the par value of the common stock. The Company will proportionally adjust the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as well as the number of shares issued and issuable under Surf Air Mobility’s equity incentive plan.
The Reverse Split is intended to help the Company regain compliance with the minimum bid price requirements for maintaining its listing on the NYSE.
Following the effectiveness of the Reverse Split the new CUSIP number for the common stock will be 868927 203. Immediately following the Reverse Split there will be approximately 12,826,529 shares of common stock outstanding.
Surf Air Mobility has appointed its transfer agent, Equiniti Trust Company, LLC, to act as exchange agent for the Reverse Split. Stockholders owning pre-split shares via a bank, broker, or other nominee will have their positions automatically adjusted to reflect the Reverse Split and will not be required to take further action in connection with the Reverse Split, subject to the nominees' particular procedures and policies. Similarly, registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are also not required to take further action in connection with the Reverse Split. Holders of certificated shares will be contacted by the Company or its exchange agent with further details about how to surrender old certificates in exchange for new shares.
Additional information about the Reverse Split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on April 29, 2024, which is available free of charge at the SEC's website, www.sec.gov, and on the Company's website at https://investors.surfair.com/financials/sec-filings/default.aspx.
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 owner 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 the timing of implementation of the Reverse Split and the Split Ratio, our intentions, and the expected benefits associated therewith. 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 Company’s future ability to pay contractual obligations and liquidity, which will depend on operating performance, cash flow and ability to secure adequate financing; the Company’s limited operating history and that the Company has not yet manufactured any fully-electric or hybrid-electric aircraft; the powertrain technology the Company plans to develop does not yet exist and remains subject to approval by regulators; the Company’s ability to maintain and strengthen the Company’s brand and its reputation as a regional airline; any accidents or incidents involving aircraft including those involving fully-electric or hybrid-electric aircraft; the Company’s ability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in the Company’s development of fully-electric and hybrid-electric powertrains, and any interruptions, disagreements or delays with those partners and suppliers; the Company’s ability to execute business objectives and growth strategies successfully or sustain the Company’s growth; risks from the integration of business acquisitions that could adversely affect the Company’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 the Company’s public company responsibilities and corporate governance practices; the ability of the Company’s customers and potential customers to pay for the Company’s services; the Company’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 the Company; the risks associated with the Company’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240809768357/en/
Contacts
Media Contacts
Press: press@surfair.com
Investors: investors@surfair.com
https://finance.yahoo.com/news/surf-air-mobility-announces-terms-210000317.html
Possible bottom with OBV turning up.
Weekly Chart
Oleblue
4 months ago
Surf Air Mobility to Provide Second Quarter 2024 Financial Results on August 14, 2024
Business Wire
Tue, Aug 6, 2024
LOS ANGELES, August 06, 2024--(BUSINESS WIRE)--Surf Air Mobility Inc. (NYSE: SRFM), a leading regional air mobility platform, today announced that it will release its second quarter 2024 financial results after market close on Wednesday, August 14, 2024, and will host a webcast at 5:00 pm ET the same day.
Interested parties can register in advance to listen to the webcast here or can find a link on the ‘Events & Presentations’ section of our investor relations website.
Alternatively, listeners may dial into the call as follows:
North America - Toll-Free (800) 715-9871
International (Toll) - (646) 307-1963
Conference ID: 4775356
About Surf Air Mobility
Surf Air Mobility, headquartered in Los Angeles, is a pioneering regional air mobility platform dedicated to transforming regional air travel through electrification. As the largest commuter airline operator in the US, Surf Air Mobility partners with commercial leaders to develop innovative powertrain technology for smaller aircraft, facilitating the electrification of existing fleets and the widespread adoption of electric aircraft. The company’s mission is to drive substantial cost reductions and environmental benefits to make regional flying more accessible and affordable. Backed by a management team with extensive expertise spanning aviation, electrification, and consumer technology, Surf Air Mobility is poised to advance the future of sustainable air travel.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806663323/en/
Contacts
For Press:
press@surfair.com
For Investors:
investors@surfair.com
https://finance.yahoo.com/news/surf-air-mobility-second-quarter-210000856.html
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