Surf Air Mobility Faces NYSE Delisting Threat
Ticker: SRFM · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1936224
Sentiment: bearish
Topics: delisting, nyse, compliance
Related Tickers: SRFM
TL;DR
NYSE says SRFM might get delisted, they have 30 days to fix it.
AI Summary
Surf Air Mobility Inc. announced on June 27, 2024, that it received a notification from the NYSE American on June 26, 2024, regarding its failure to meet the minimum market capitalization requirement for continued listing. The company has until July 26, 2024, to submit a plan to regain compliance.
Why It Matters
Failure to regain compliance could lead to the delisting of Surf Air Mobility's stock from the NYSE American, potentially impacting its liquidity and investor confidence.
Risk Assessment
Risk Level: high — The company is at high risk due to receiving a delisting notice from the NYSE American for failing to meet continued listing standards.
Key Numbers
- 30 days — Compliance Plan Deadline (The period Surf Air Mobility has to submit a plan to regain compliance with NYSE American listing standards.)
Key Players & Entities
- Surf Air Mobility Inc. (company) — The company filing the report and receiving the delisting notice.
- NYSE American (company) — The stock exchange that issued the delisting notice.
- June 27, 2024 (date) — The date of the report.
- June 26, 2024 (date) — The date the company received the notification from NYSE American.
- July 26, 2024 (date) — The deadline for Surf Air Mobility to submit a plan to regain compliance.
FAQ
What specific continued listing standard did Surf Air Mobility fail to meet?
The filing states the company failed to meet the minimum market capitalization requirement for continued listing on the NYSE American.
When did Surf Air Mobility receive the notification from the NYSE American?
Surf Air Mobility received the notification on June 26, 2024.
What is the deadline for Surf Air Mobility to submit a compliance plan?
The company has until July 26, 2024, to submit a plan to regain compliance.
What is the company's principal executive office address?
The principal executive offices are located at 12111 S. Crenshaw Blvd., Hawthorne, CA 90250.
What is the company's IRS Employer Identification Number?
The IRS Employer Identification Number is 36-5025592.
Filing Stats: 436 words · 2 min read · ~1 pages · Grade level 11.9 · Accepted 2024-07-03 19:03:04
Key Financial Figures
- $0.0001 — h Registered: Common stock, par value $0.0001 per share SRFM New York Stock Excha
- $2 million — common stock for in-kind services worth $2 million. In issuing shares of its common stoc
Filing Documents
- srfm-20240627.htm (8-K) — 45KB
- 0000950170-24-081694.txt ( ) — 216KB
- srfm-20240627.xsd (EX-101.SCH) — 60KB
- srfm-20240627_htm.xml (XML) — 5KB
02 Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities On June 27, 2024, Surf Air Mobility Inc. (the "Company") issued and sold to Palantir Technologies Inc. an aggregate of 4,856,727 shares of the Company's common stock for in-kind services worth $2 million. In issuing shares of its common stock the Company relied upon the exemption from securities registration afforded by Rule 506 of Regulation D as promulgated by the SEC under the Securities Act of 1933, as amended (the "Securities Act") and/or Section 4(2) of the Securities Act.
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: July 3, 2024 By: /s/ Oliver Reeves Name: Oliver Reeves Title: Chief Financial Officer