Surf Air Mobility Faces Delisting Concerns

TL;DR

Surf Air Mobility might get kicked off the exchange - big trouble.

AI Summary

Surf Air Mobility Inc. filed an 8-K on April 5, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates potential issues with the company's continued listing on the stock exchange, though specific details regarding the rule or standard not met are not elaborated upon in the provided text.

Why It Matters

This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the stock being delisted, impacting investor confidence and liquidity.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to its operations and investors.

Key Players & Entities

• SURF AIR MOBILITY INC. (company) — Registrant
• April 2, 2024 (date) — Earliest event reported
• April 5, 2024 (date) — Filing date
• 12111 S. Crenshaw Blvd. Hawthorne, CA 90250 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — h Registered: Common stock, par value $0.0001 per share SRFM New York Stock Excha
• $1.00 — he Company's common stock was less than $1.00 over a consecutive 30 trading-day perio

Filing Documents

• srfm-20240402.htm (8-K) — 52KB
• srfm-ex99_1.htm (EX-99.1) — 15KB
• img196684351_0.jpg (GRAPHIC) — 32KB
• 0000950170-24-042349.txt ( ) — 287KB
• srfm-20240402.xsd (EX-101.SCH) — 60KB
• srfm-20240402_htm.xml (XML) — 5KB

01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 2, 2024, Surf Air Mobility Inc. (the "Company") received a notice (the "Notice") from the New York Stock Exchange (the "NYSE") indicating the Company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 over a consecutive 30 trading-day period. The Notice has no immediate effect on the listing of the Company's common stock. Section 802.01C also requires the Company to notify the NYSE, within 10 business days of receipt of the Notice, of its intent to cure this deficiency. The Company intends to notify the NYSE of its intent to regain compliance with the requirements of Section 802.01C. The Company can regain compliance at any time within the six-month period following receipt of the Notice if on the last trading day of any calendar month during the cure period (or the last trading day of the cure period) the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the prior 30 trading-day period. The Notice is not expected to affect the Company's business operations or its reporting obligations with the Securities and Exchange Commission. On April 5, 2024, the Company issued a press release regarding receipt of the Notice from the NYSE. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 99.1 Press Release Issued by the Company dated April 5, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL) 1

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SURF AIR MOBILITY INC. Dated: April 5, 2024 By: /s/ Oliver Reeves Oliver Reeves Chief Financial Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR