Surf Air Mobility Acquires Electric Aviation Firm Ampere
Ticker: SRFM · Form: 8-K · Filed: Aug 21, 2024 · CIK: 1936224
Sentiment: neutral
Topics: acquisition, electric-aviation, technology
TL;DR
Surf Air Mobility is buying Ampere to boost its electric plane tech.
AI Summary
Surf Air Mobility Inc. announced on August 20, 2024, that it has entered into a definitive agreement to acquire Ampere, a leading electric aviation company. This acquisition is expected to significantly advance Surf Air's strategy in the electric aviation sector, leveraging Ampere's advanced electric propulsion technology.
Why It Matters
This acquisition positions Surf Air Mobility to accelerate its development and deployment of electric aircraft, potentially impacting the future of regional air travel and sustainability in aviation.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks, and the success of this deal depends on the effective combination of technologies and operations, as well as market acceptance of the resulting electric aviation solutions.
Key Players & Entities
- Surf Air Mobility Inc. (company) — Registrant
- Ampere (company) — Acquisition Target
- August 20, 2024 (date) — Date of earliest event reported
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing reports on the definitive agreement entered into by Surf Air Mobility Inc. to acquire Ampere, a company involved in electric aviation.
Who is Surf Air Mobility Inc. acquiring?
Surf Air Mobility Inc. is acquiring Ampere, described as a leading electric aviation company.
When was the earliest event reported in this filing?
The earliest event reported in this filing occurred on August 20, 2024.
What is the business address of Surf Air Mobility Inc.?
The business address of Surf Air Mobility Inc. is 12111 S. Crenshaw Blvd., Hawthorne, CA 90250.
What is the SIC code for Surf Air Mobility Inc.?
The Standard Industrial Classification (SIC) code for Surf Air Mobility Inc. is 4522, which corresponds to AIR TRANSPORTATION, NONSCHEDULED.
Filing Stats: 1,115 words · 4 min read · ~4 pages · Grade level 13 · Accepted 2024-08-21 16:55:10
Key Financial Figures
- $0.0001 — h Registered: Common stock, par value $0.0001 per share SRFM New York Stock Excha
- $50 million — a consecutive 30 trading-day period of $50 million or total stockholders' equity of $50 mi
Filing Documents
- srfm-20240820.htm (8-K) — 56KB
- srfm-ex99_1.htm (EX-99.1) — 9KB
- img196684351_0.jpg (GRAPHIC) — 32KB
- 0000950170-24-099547.txt ( ) — 287KB
- srfm-20240820.xsd (EX-101.SCH) — 60KB
- srfm-20240820_htm.xml (XML) — 5KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On August 20, 2024, Surf Air Mobility Inc. (the "Company") received a letter (the "Acceptance Letter") from the New York Stock Exchange (the "NYSE") stating that the NYSE's Listing Operations Committee agreed to accept the Company's plan to bring the Company into conformity with Section 802.01B, the NYSE's the minimum market capitalization standard. As previously disclosed, on May 20, 2024, the Company received a notice (the "Notice") from 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. Under the terms of the Acceptance Letter, the Company will need to achieve the minimum continued listing standards under Section 802.01B of either average global market capitalization over a consecutive 30 trading-day period of $50 million or total stockholders' equity of $50 million within 18 months of receipt of the Notice. 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 of NYSE suspension and delisting procedures. The Acceptance Letter has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on the NYSE during the cure period, subject to the Company's continued compliance with the plan and other listing requirements of the NYSE. The common stock trading symbol will continue to have an added designation of ".BC" to indicate that the status of the common stock is below criteria with the NYSE continued listing standards. The ".BC" indicator will be removed at such time as the Company regains compliance with all applicable continued listing standards. On August 21, 2024, the Company issued a press release announcing the receipt of the Acceptance Letter. A copy of t
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 August 21, 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: August 21, 2024 By: /s/ Oliver Reeves Name: Oliver Reeves Title: Chief Financial Officer 2