SURF AIR MOBILITY INC. (SRFM): M&A transaction — Surf Air Mobility completes Southern Airways acquisition, forming largest US commuter airline

SURF AIR MOBILITY INC.

Transaction closed July 27, 2023; 69.7M basic shares and 71.6M fully diluted shares outstanding.
2022 combined revenue $100.6M (+44.6% YoY); operating loss $(111.7)M incl. one-time costs.
Cash on hand $34.7M; $100M available under GEM share subscription facility.
Up to $450M aircraft financing with Jetstream; order for up to 150 Cessna Grand Caravans from Textron.
Q2 2023 financial results and full-year 2023 outlook to be released week of August 14, 2023.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SURF AIR MOBILITY INC. completed an acquisition involving Southern Airways Corporation for $81.25 million (closed 2023-07-27).

Action: acquisition
Counterparty: Southern Airways Corporation
Consideration: $81.25 million
Closing: 2023-07-27

Exact text from the filing

a number of shares of Company Common Stock (the “ Aggregate Merger Consideration ”) equal to the greater of (a) shares of Company Common having an aggregate value equal to $81.25 million (based upon the opening price of shares of Company Common Stock on the New York Stock Exchange on July 27, 2023 when those shares were first listed and traded) and (b) 12.5% of

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Source: SEC EDGAR

accession 0001213900-23-062219

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