Surf Air Mobility to make public debut on Thursday

Surf Air Mobility

27/07/2023 13:15

** Surf Air Mobility Inc  SRFM.N  set to go public on
Thursday after switching gears to a direct listing (DL)
    ** NYSE late Weds set the electric aviation and regional air
travel co's reference price at $20; shares to start trading with
ticker "SRFM"
    ** The reference price is not an offering price as a
traditional IPO. Stock's opening price to be determined by buy
and sell orders collected by NYSE from broker-dealers
    ** Surf Air chose direct listing route to public markets
after terminating $1.4 bln SPAC merger last year
    ** Co said it would have approx 49.8 mln shares outstanding
if shares open at $20 reference price
    ** Similar to previous DLs, Surf Air did not raise equity
from investors, but alternative investment manager GEM Global
buying 1 mln shares at $25 in private placement, per the SEC
filing
    ** Morgan Stanley acting as lead adviser on the DL

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))