Surf Air Mobility Announces Update Regarding NYSE Reference Price and Common Stock Outstanding
July 26 2023 - 11:32PM
Business Wire
Surf Air Mobility Inc. (“Surf Air Mobility” or “SAM”), a
regional air travel company aiming to sustainably connect the
world’s communities, today announced that a reference price of
$20.00 per share of Common Stock has been established by the New
York Stock Exchange (the “NYSE”) for the expected listing of SAM’s
Common Stock on the NYSE on Thursday, July 27, 2023. The number of
shares of SAM’s Common Stock outstanding upon listing will depend
on the actual opening trading price per share on the listing date.
Assuming that the opening trading price per share on the listing
date equals the reference price of $20.00, SAM would have
approximately 49.8 million shares of Common Stock outstanding upon
listing.1 The reference price is not an offering price. The opening
trading price will be determined by buy and sell orders collected
by the NYSE from broker-dealers. The reference price may differ
materially from the actual opening trading price per share on the
NYSE.
For illustrative purposes only, the table below shows the total
number of shares of Common Stock expected to be outstanding at
various opening trading prices.
Assumed Opening Price
($)
Total Shares of Common Stock
Outstanding 1
$
1.00
315,337,696
$
5.00
91,927,374
$
15.00
54,692,321
$
25.00
48,995,310
$
35.00
46,732,305
$
45.00
45,475,081
__________________________
1 Includes estimated shares of Common
Stock to be issued in a future financing based on the reference
price or assumed opening price, as applicable (the “financing
shares”). The number of shares of Common Stock to be issued in such
financing will be based on the trading prices of the shares at the
time of the financing. For illustrative purposes only, excluding
the issuance of such financing shares, the number of shares of
Common Stock expected to be outstanding at the reference price
would be approximately 45.4 million shares, at an assumed opening
price of $45 per share would be approximately 43.0 million shares,
at an assumed opening price of $35 per share would be approximately
43.6 million shares, at an assumed opening price of $25 per share
would be approximately 44.6 million shares, at an assumed opening
price of $15 per share would be approximately 47.3 million shares,
at an assumed opening price of $5 per share would be approximately
69.7 million shares and at an assumed opening price of $1 per share
would be approximately 204.2 million shares. This financing is
referred to as the “GEM Advance” in the registration statement.
The Company has filed a registration statement on Forms S-1 and
S-4 relating to these securities with the Securities and Exchange
Commission, and such registration statement was declared effective
on July 25, 2023. A copy of the prospectus related to the
registration statement may be obtained by visiting EDGAR on the SEC
website or via the investor relations page on Surf Air Mobility’s
website at https://investors.surfair.com under the “SEC Filings”
section.
FORWARD LOOKING STATEMENTS
The information in this press release includes “forward-looking
statements”. Forward-looking statements include, among other
things, statements about: Surf Air Mobility’s expectations
regarding its ability to become a public company; Surf Air
Mobility’s ability to anticipate the future needs of the air
mobility market; future trends in the aviation industry, generally;
and Surf Air Mobility’s future growth strategy and growth rate. In
some cases, you can identify forward-looking statements by
terminology such as “may”, “should”, “could”, “might”, “plan”,
“possible”, “project”, “strive”, “budget”, “forecast”, “expect”,
“intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”,
“potential” or “continue”, or the negatives of these terms or
variations of them or similar terminology. These forward-looking
statements include, without limitation, statements regarding the
satisfaction of required conditions for the listing of the Surf Air
Mobility common stock. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: Surf Air Mobility’s future ability to pay contractual
obligations and liquidity 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; the inability to maintain and
strengthen Surf Air’s brand and its reputation as a regional
airline; any accidents or incidents involving hybrid-electric or
fully-electric aircraft; the inability 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 Surf Air
Mobility’s development of hybrid-electric and fully-electric
powertrains, and any interruptions, disagreements or delays with
those partners and suppliers; the inability to execute business
objectives and growth strategies successfully or sustain Surf Air
Mobility’s growth; the inability of Surf Air Mobility’s customers
to pay for Surf Air Mobility’s services; the inability of Surf Air
Mobility 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, Southern or 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 indicated in the
prospectus. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
statements. Although Surf Air Mobility believes that the
expectations reflected in the forward-looking statements are
reasonable, there can be no assurance that such expectations will
prove to be correct. Surf Air Mobility cannot guarantee future
results, level of activity, performance or achievements and there
is no representation that the actual results achieved will be the
same, in whole or in part, as those set out in the forward-looking
statements and financial projections. Forward-looking statements
speak only as of the date they are made. Readers are cautioned not
to put undue reliance on forward-looking statements, and Surf Air
Mobility does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
ABOUT SURF AIR
Surf Air Mobility is a Los Angeles-based electric aviation and
air travel company expanding the category of regional air travel
and reinventing flying through the power of electrification. Surf
Air Mobility intends to develop powertrain technology with its
commercial partners to electrify existing fleets, bringing
electrified aircraft to market at scale in an effort to
substantially reduce the cost and environmental impact of flying.
The management team has deep experience and expertise across
aviation, electrification, and consumer technology.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726174038/en/
For Press: press@surfair.com
For Investors: investors@surfair.com
Surf Air Mobility (NYSE:SRFM)
Historical Stock Chart
From May 2024 to Jun 2024
Surf Air Mobility (NYSE:SRFM)
Historical Stock Chart
From Jun 2023 to Jun 2024