Surf Air Mobility Faces NYSE Delisting Notice

TL;DR

NYSE says Surf Air Mobility might get kicked off the exchange. Company's looking at its options.

AI Summary

Surf Air Mobility Inc. received a notice on May 20, 2024, indicating it failed to meet the continued listing standards of the New York Stock Exchange (NYSE). The company is currently evaluating its options in response to this notice.

Why It Matters

This notice suggests potential financial distress or operational issues for Surf Air Mobility, which could impact its stock value and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting from a major stock exchange like the NYSE poses a significant risk to the company's viability and stock price.

Key Players & Entities

• SURF AIR MOBILITY INC. (company) — Registrant
• New York Stock Exchange (company) — Listing Exchange
• May 20, 2024 (date) — Date of Notice

FAQ

Key Financial Figures

• $0.0001 — h Registered: Common stock, par value $0.0001 per share SRFM New York Stock Excha
• $50 million — ive 30 trading-day period was less than $50 million and, at the same time, its stockholders
• $40.9 million — market capitalization was approximately $40.9 million and its last reported stockholders' def
• $106.3 — s of March 31, 2024, was approximately ($106.3) million. In accordance with NYSE lis

Filing Documents

• srfm-20240520.htm (8-K) — 57KB
• srfm-ex99_1.htm (EX-99.1) — 13KB
• img196684351_0.jpg (GRAPHIC) — 32KB
• 0000950170-24-064654.txt ( ) — 292KB
• srfm-20240520.xsd (EX-101.SCH) — 60KB
• srfm-20240520_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 May 20, 2024, Surf Air Mobility Inc. (the "Company") received written notice (the "Notice") from the New York Stock Exchange (the "NYSE") that the Company is no longer in compliance with NYSE continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual due to the fact that the Company's average total market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders' equity was less than $50 million. As set forth in the Notice, as of May 17, 2024, the Company's 30 trading-day average market capitalization was approximately $40.9 million and its last reported stockholders' deficit as of March 31, 2024, was approximately ($106.3) million. In accordance with NYSE listing requirements, the Company has notified the NYSE that it will submit a plan within 45 days of the Notice advising the NYSE of definitive action it has or will take to bring it into conformity with Section 802.01B within 18 months of receipt of the Notice. The NYSE will review the Company's plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with Section 802.01B within the cure period. If the Company's plan is not submitted on a timely basis or is not accepted, the Company would be subject to delisting proceedings. If the NYSE accepts the Company's plan, the Company's common stock will continue to be listed and traded on the NYSE during the cure period, subject to the Company's compliance with the plan and other continued listing standards. The NYSE will review the Company on a quarterly basis to confirm compliance with the plan. If the Company fails to comply with the plan or does not meet continued listing standards at the end of the 18-month cure period, it will be subject to the prompt initiation

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. The Company issued a press release announcing the receipt of the Notice. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01 of this report (including Exhibit 99.1) shall not be deemed to be "filed" for purposes of Section 18, of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. Cautionary Note Regarding Forward-Looking Statements This report and the furnished press release contains, and oral statements made from time to time by our representatives may contain, "forward-looking statements." Forward-looking statements include statements identified by words such as "could," "may," "might," "will," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the Company's ability to develop a plan to regain compliance with the continued listing criteria of the NYSE; the NYSE'

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Title or Description 99.1 Press release dated May 24, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL)

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. Date: May 24, 2024 By: /s/ Oliver Reeves Name: Oliver Reeves Title: Chief Financial Officer 2

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