Surf Air Mobility to Reduce Contemplated Future Equity Dilution by approximately 90%

December 12, 2024

DENVER, Colo., Dec 12, 2024 (247marketnews.com)- Surf Air Mobility (NYSE: SRFM) anticipates that it will reduce potential future equity dilution by approximately 90%, as a result of its new financing strategy that focuses on debt over equity financing. The Company plans to amend the registration statement associated with its share subscription facility with GEM Global Yield LLC, which will require Securities Exchange Commission review and reduce the registered share count by approximately 35.6 million shares, which was made possible by Surf Air’s recently announced $50M term loan.

Deanna White, Surf Air’s CEO, commented, “This enhanced financing strategy, coupled with continued progress against our Transformation Plan, further positions the Company to achieve profitability in our airline operations in 2025 and to unlock shareholder value over time. Our recent $50 million financing enabled us to recalibrate and streamline our business plan so that it will require less capital to achieve profitability in the short- to medium term. We are excited to deliver a far less dilutive outcome to our shareholders than was previously contemplated.”

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