Surf Air Mobility Files Form S-1 registration statement with the SEC registering up to 300 million shares of Common Stock
November 09 2023 - 4:07PM
Business Wire
Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility” or
“Surf Air”), a company that aims to transform regional flying
through electrification technology, today publicly filed a Form S-1
registration statement with the U.S. Securities and Exchange
Commission (“the SEC”) registering up to 300 million shares of
Common Stock. This represents the balance of the full amount of
shares of Common Stock that the Company estimates could be issued
and sold to GEM for $100 million of GEM Advances under the Share
Subscription Facility, plus the amount of shares the Company
estimates could be issued and sold to GEM for $50 million of
additional drawdowns under the Share Subscription Facility.
Registered shares are not issued and sold to GEM unless and until
the Company decides to utilize the facility, which is at the
Company’s discretion, and may occur from time to time or not at
all.
The Company’s estimates related to the GEM Advances reflect,
among other items, the Company’s obligation to register at least
two times the value of a requested GEM Advance based on a per share
price equal to the closing price of SFRM shares of Common Stock as
of the close of trading on the trading day immediately preceding
the date of the request.
As previously disclosed, the company has access to a total $400
million under the Share Subscription Facility with GEM. As of
today, the Company has $392.5 million remaining under this
agreement. After the initial advance of $7.5 million, Surf Air
Mobility may request advances of up to $25 million each under the
share subscription facility in an aggregate amount of up to $100
million. Any drawn advance will reduce the amount that Surf Air can
request for future draw downs.
Surf Air Mobility intends to utilize the shares registered
pursuant to the Form S-1 registration statement to request advances
under the share subscription facility and satisfy other current
obligations to register shares previously issued to GEM. If all the
registered shares are not utilized at this time, they will remain
available for future advances under the share purchase facility, to
the extent such advances are requested by Surf Air Mobility.
The Company has also separately registered 18,700,000 shares
that could be sold to GEM for GEM Advances under a separate
prospectus.
The company currently has 73,486,976 common shares outstanding,
which excludes any shares that will be issued to GEM in connection
with any future GEM Advances or drawdowns under the Share
Subscription Facility.
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based regional air mobility
platform expanding the category of regional air travel to reinvent
flying through the power of electrification. In an effort to
substantially reduce the cost and environmental impact of flying
and as the operator of the largest commuter airline in the US, Surf
Air Mobility intends to develop powertrain technology with its
commercial partners to electrify existing fleets and bring
electrified aircraft to market at scale. The management team has
deep experience and expertise across aviation, electrification, and
consumer technology.
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