Surf Air Mobility closed the transaction between Surf Air Mobility and Southern Airways prior to the listing of Surf Air Mobility on the New York Stock Exchange under the ticker symbol "SRFM" on July 27, 2023. The combination of Surf Air Mobility and Southern will provide the basis for SAM’s anticipated expanded, nationwide regional air mobility platform.
Following the close of the transaction on July 27, 2023, Surf Air Mobility has 69,742,981 basic shares outstanding and 71,603,186 fully diluted shares outstanding.
Surf Air and Southern together have 450,000 passengers across 48 cities with over 75,000 departures in 2022 with a revenue of $100.6 million for the full year 2022, up 44.6% YoY on a combined basis and an operating loss of $111.7 million for the full year 2022, inclusive of $33.4 million one-time transaction related expenses and $38.2 million in stock-based compensation.
The companies have $34.7 million cash on hand as of July 27, 2023with the ability to draw $100 million in cash advances under the GEM share subscription facility and aircraft financing facility with Jetstream for up to $450 million to finance further expansion.
Surf Air has a fleet order of 150 Cessna Grand Caravans with Textron Aviation and is the exclusive provider of battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan
Surf Air Mobility will release its financial results for the second quarter of 2023 and provide outlook for the full year 2023 the week of August 14, 2023.
"Surf Air Mobility is building a regional air mobility platform to sustainably connect the world’s communities. We are thrilled to announce the completion of our transaction, combining Surf Air and Southern into Surf Air Mobility, the largest commuter airline in the US by scheduled departures. We are now well-positioned to build a platform that delivers accessible, affordable, and sustainable regional travel for our customers," said Stan Little, chief executive, Surf Air Mobility. "Our public listing is just the beginning, and we look forward to sharing our journey as we execute on our vision to advance the future of flight."
Sudhin Shahani, co-founder, Surf Air Mobility, added: "Our end-state is electrification, but our flywheel begins with flying more passengers via network expansion and providing solutions to operators via Aircraft-as-a-Service (ACaaS), which we believe will drive growth in the near- and mid-term. Surf Air Mobility is a scaled – and growing – regional air travel company today, and we believe our path to electrification via supplemental type certification (‘STC’) will position us as a capital efficient, technology-enabled, first mover in the regional air ecosystem."