Surf Air Mobility recently merged and acquired Southern . Surf Air Mobility has agreed to purchase up to 150 Cessna Grand Caravan EX single-engine turboprops, with an initial fleet order of 100 aircraft and an option for 50 more. [32][33], "Surf Air's Ampaire Acquisition Could Speed Up Hybrid-Electric Aviation | Aviation Week Network", "Surf Air Mobility agrees to purchase US company Ampaire", "Advanced Air Takes Over Surf Air Flying", "Dallas startup Rise bought by California's Surf Air as chase for business travelers ascends", "Surf Air's Troubles Raise The Question, Who's Flying Your Airplane? All rights reserved. In February 2014, Wade Eyerly stepped down as CEO and was replaced by former Frontier Airlines CEO Jeff Potter. [5] History Surf Air Mobility was formed in February 2020 following the acquisition of BlackBird Air. Operational and Financial Highlights, Surf Air and Southern together: Surf Air Mobility also announced that it will release its financial results for the second quarter of 2023 and provide outlook for the full year 2023 the week of August 14, 2023. Informa Markets, a trading division of Informa PLC. Surf Air Mobility is building a regional air mobility platform to sustainably connect the worlds communities. Surf Air Mobility ( SRFM) begins trading today on the New York Stock Exchange. [11] Customers lost $272,000 in deposits and membership fees, according to final accounts from the liquidation. [27], In 2017, residents from the San Francisco Bay Area complained of excessive noise at San Carlos Airport caused by Surf Air. In some cases, you can identify forward-looking statements through the use of words or phrases such as may, should, could, predict, potential, believe, will likely result, expect, continue, will, anticipate, seek, estimate, intend, plan, projection, would and outlook, or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature, but the absence of such words does not mean that a statement is not forward-looking. Surf Air Mobility Has Filed to Shorten Its Form S-1 - InvestorsObserver ", "Surf Air aims to disrupt the big airlines with an executive membership service", "All-you-can-fly Club Beacon Comes Crashing Down", "California's Private Air Travel Membership - Surf Air - Surf Air", "Surf Air Jumps on the Semi-Private Bandwagon", "Encompass 'Quietly' Takes Over Surf Air Cali Flights", "High-end private flight company Surf Air sued for millions in overdue payments", "Surf Air Buys BlackBird Air As Both Seek To Shake Off Past Problems", "Hybrid Electric Aviation Pioneer Ampaire To Be Acquired By Surf Air", "Surf Air Mobility Enters Race for Green Air Travel | Los Angeles Business Journal", "Covid, Airline Challenges Drive Up Demand for Business Jet Flights in LA | Los Angeles Business Journal", "Surf Air pulls plug on Ampaire purchase", "California's Surf Air orders 15+50 Pilatus PC-12NGs", "Calm the Skies mounts protest against Surf Air at San Carlos Airport", "Protesters at San Carlos Airport complain of Surf Air noise", "Federal Aviation Administration approves Surf Air route to take planes over Bay", "Board of Supervisors to Consider Noise Abatement Solutions at San Carlos Airport | County Manager's Office", "County may put lid on 'noisy aircraft' at San Carlos Airport", https://en.wikipedia.org/w/index.php?title=Surf_Air&oldid=1171437455, N817SA, N819SA, N821SA, N824SA, N828SA, N829SA, N853SA, N874SA, This page was last edited on 21 August 2023, at 02:46. Surf Air | Welcome to the next generation of flight A better travel experience that saves you time and reduces stress See our story WHAT COMES NEXT Green regional flying We believe there's a shift in regional travel happening now and Surf Air Mobility aims to reinvent flying through the power of electrification. The final prospectus and definitive proxy statement will be mailed to stockholders of the THCA as of a record date to be established for voting on the proposed transaction. Certain statements herein are forward-looking statements made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. LOS ANGELES--(BUSINESS WIRE)--Surf Air Mobility Inc., a company accelerating the adoption of electric regional air travel, today announced an exclusive relationship with Textron Aviation Inc., a Textron Inc. (NYSE:TXT) company, supporting Surf Air Mobilitys development of electrified Cessna Grand Caravan aircraft, beginning with a hybrid electric Cessna Grand Caravan aircraft, targeted to be available in 2024. Ampaire Seeks New Funding for Hybrid-Electric Plans as Surf Air Surf Air Global has a number of notable advisors including Arianna Huffington (founder Huffington Post), Fred Reid (former Virgin America CEO, President Delta and Lufthansa), Jonathan Mildenhall (founder 21st Century Brands, former Airbnb CMO), Dr. David Agus (founder/CEO Ellison Institute), Matthew Anderson (former Roku CMO), and David Anderman (former General Counsel at SpaceX). Jetstream has long-standing relationships with Southern Airways Express and Mokulele Airlines, two companies who have entered into a definitive agreement to be acquired by SAM, subject to closing conditions and regulatory approval. The transactions between Surf Air Mobility and Textron Aviation are subject to certain closing conditions, including the receipt of financing by Surf Air Mobility. He is ranked in the top 15% of stock pickers on TipRanks. [13][14][15] Axios has likened the aircraft to the "Prius of airplanes. But only 30 airports account for 70% of commercial air travel. If you experience any issues with this process, please contact us for further assistance. Part of the county solution was to introduce an arrival procedure called "Bayside Visual Approach" that underwent testing in 2016[31] which shifts flights and noise from San Mateo County to the city of Sunnyvale in neighboring Santa Clara County. Combination creates largest commuter airline in the United States. [9] It had plans to add routes to Cannes, Munich, Luxembourg, and Milan. Sur Air Mobility projects 10-15% of the Cessna Caravan market could be electrified using its EP1 propulsion systems. 2023-08-21 | NYSE:SRFM | Press Release | Surf Air Mobility Inc - Stockhouse Surf Air is an air charter broker and does not own or operate any aircraft. Surf Air Mobility is working to bring electrification to the air, reducing both costs and emissions in the process. SAM and THCA and their respective directors and officers and other members of management and employees may be deemed participants in the solicitation of proxies in connection with the proposed business combination. Surf Air does not own or operate any aircraft. This is a premium only article. This company has carved out a niche for itself providing a flight experience for business and leisure travelers. Description: Electric aviation company. Ampaire Seeks New Funding as Surf Air Takeover Scuttled 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. Now, Surf Air is about to shake things up even more as it prepares to be one the years first direct listings. For more information, visit: https://surfairmobility.com. Surf Air Mobility intends to accelerate the adoption of green flying by developing, together with its commercial partners, hybrid-electric and fully-electric powertrain technology to upgrade existing fleets. SRFM Stock: 7 Things to Know as Surf Air Mobility Starts Trading Stay Informed. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, inability to meet expected development timelines or realize the anticipated benefits of the new propulsion system (including operational and environmental benefits), challenges of producing new products at scale, changes in applicable laws or regulations, the possibility that we may be adversely affected by other economic, business, regulatory and/or competitive factors, changes in aircraft delivery schedules, cancellations or deferrals of orders, production delays or certification of any propulsion system. Surf Air Mobility has committed to buying up to 150 Cessna Grand Caravan EX single-engine utility turboprop aircraft from Textron Aviation and plans to replace their Pratt & Whitney PT6 turbine engines with hybrid-electric propulsion systems beginning in 2024. Surf Air Mobility is a Los Angeles-based electric aviation and air travel company expanding the category of regional air travel and reinventing flying through the power of electrification. SAM plans to deploy the worlds largest fleet of hybrid electric aircraft on regional routes being serviced today and on additional routes in new markets. Credit: Surf Air Mobility Reporting its financial results for the first time . Already a member of AWIN or subscribe to Advanced Air Mobility through your company? Consumer Discretionary, Automotive, Electric Vehicles. Jetstream Aviation Capital has expressed its intent to commit to purchase for up to 250 hybrid and fully-electric powertrains from Surf Air Mobility. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: Surf Air Mobilitys future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air Mobilitys limited operating history and that Surf Air Mobility has not yet manufactured any hybrid-electric or fully-electric aircraft; the powertrain technology Surf Air Mobility plans to develop does not yet exist; the inability to maintain and strengthen Surf Airs brand and its reputation as a regional airline; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the inability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobilitys development of hybrid-electric and fully-electric powertrains, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobilitys growth; the inability of Surf Air Mobilitys customers to pay for Surf Air Mobilitys services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, Southern or Surf Air Mobility; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in the prospectus. As InvestorPlace contributor Dana Blankenhorn reports: The direct listing for SRFM stock is for up to 18.8 million shares, priced between $5.93 and $11.86 per share, reflecting prices paid for Southern stock in private transactionsearlier this year. In April 2022, Surf Air Mobility abandoned its $100 million acquisition of Ampaire.[25]. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies from THCAs shareholders in connection with the proposed business combination will be included in the definitive proxy statement/prospectus SPAC intends to file with the SEC. We believe the customized aircraft leasing structure from Jetstream will provide us a capital efficient way to more rapidly expand our operations at the scale necessary for a future when electrified aircraft unlock the latent demand for convenient, affordable regional travel on new routes across the U.S., said Sudhin Shahani, founder of SAM. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Surf Air Mobility and Textron Aviation Enter Into Exclusive Copyright Surf Air Mobility Inc. is moving ahead with its plan for a direct listing, the first significant company since 2021 to venture the alternative route to becoming publicly traded. Aug. 17, 2023 8:26 AM ET Surf Air Mobility Inc. (SRFM) By: Meghavi Singh, SA News Editor. ABOUT SURF AIR. Enhance the ability for a new point-to-point route network that makes direct flights more affordable and accessible for more people in more places. Readers are cautioned not to put undue reliance on forward-looking statements, and Surf Air Mobility does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The shortening of the Effective Period means that the affiliate shares, 6,606,845 of which remain unsold, will not be freely tradeable until the Registrant files a new registration statement for the resale of such shares or they otherwise become eligible to rely on Rule 144 of the Securities Act or another exemption from registration. Surf Air Mobility is a Los Angeles-based electric aviation and air travel company expanding the category of regional air travel and reinventing flying through the power of . Surf Air Mobility Surf Air is a Los Angeles-based aviation marketplace that offers members access to private charter flights for a fixed monthly fee. [28][29] They formed a group named Calm The Skies. This relationship with Surf Air Mobility leverages the unique performance capabilities of the Cessna Grand Caravan in both passenger and cargo operations, and continues to demonstrate the aircrafts adaptability for innovative missions and configurations.. The Registrant anticipates requesting the Post-Effective Amendment to be declared effective by the SEC on September 1, 2023, which amendment is subject to review by the SEC. For more information on the exclusive relationship with Textron Aviation, visit https://media.txtav.com. With no charging stations expected to be required, the aircraft should be immediately operable at more than 5,000 public use airports across the U.S. Reduce the environmental impact of flying and pave the way for future generations of even more sustainable aircraft. Copyright 2023. Surf Air Mobility Signs Definitive Agreement to Merge With There are ~5,000 public use airports in the U.S. Nelson Marlborough Institute of Technology (NMIT) | Te Pkenga, National Airline and Vocational Education Partner to Address New Zealand's Aviation Maintenance Needs, MQ-9A: Helping the Marine Corps Transform Expeditionary Warfare, American Airlines Apologizes for Emergency Landing of Flight in Charlotte on Saturday, U.S. Army Awards Airbus Contract for Helicopter Modernization, 2 NATO Allies Pledge To Send Ukraine F-16s To Fight Russia, General Atomics Aeronautical Systems, Inc. (GA-ASI). [1] [2] [3] Service areas As of March 2019, the company serves five California airports: Hawthorne (HHR), Oakland (OAK), San Carlos (SQL), Santa Barbara (SBA), and Truckee (TRK). IPO Roundup: Surf Air Mobility, Pineapple Financial, Maison Solutions [19] Encompass stated the Surf Air was behind on payments due for operating flights for Surf Air. Surf Air Mobility (SAM) is a Los Angeles-based electric aviation and air travel company reinventing flying through the power of electrification. For more information, visit www.txtav.com | www.defense.txtav.com | www.scorpionjet.com. Surf Air Mobility is a scaled - and growing - regional air travel company today, and we believe our path to electrification via supplemental type certification will position us as a capital . press@surfair.com Nasdaq Not a member? What else should investors know about SRFM stocks hot debut? Surf Air announced the sale of its 2,000th membership in September 2015, 2,500th in December 2015, and 3,000th in June 2016. With a range that includes everything from business jets, turboprops, and high-performance pistons, to special mission, military trainer and defense products, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. [8] LOS ANGELES, August 21, 2023--(BUSINESS WIRE)--Surf Air Mobility Inc. (the "Registrant") (NYSE: SRFM), a regional air mobility platform aiming to sustainably connect the worlds communities, today announced that it has filed its previously announced post-effective amendment to shorten the Form S-1 registration period (the "Post-Effective Amendment"). [citation needed] In October 2018, Surf Air announced Surf Air Express, a new membership program targeting less frequent travelers with an annual membership fee and payments for each flight. [24] Encompass is based in Hawthorne, California and is a FAA Part 135 operator. [8] Surf Air Europe had one Embraer Phenom 300 private jet in its fleet. [6] Surf Air - Wikipedia SAMs immediate focus will be on scaling operations using the Cessna Grand Caravan, which will be the first aircraft to be electrified using SAMs proprietary technology, hybrid electric powertrains, that will not require charging infrastructure targeted for commercial certification by 2025. We believe there's a shift in regional travel happening now and Surf Air Mobility aims to reinvent flying through the power of electrification. Surf Air Mobility Has Filed to Shorten Its Form S-1 - Morningstar Surf Air Mobility Bets Big on Hybrid-electric Caravan Surf Air Mobilty press release ( NYSE: SRFM ): Q2. Jetstream's proven record of leasing aircraft in this asset class at scale, especially for the Cessna Grand Caravan, will help strengthen Surf Air Mobilitys position in the regional mobility and turboprop category.. SAM will have access to this financing facility over the next six years for both new and used Cessna Caravan and Pilatus PC-12 aircraft, subject, among other things, to the entry into separate binding sale and purchase agreements for each individual aircraft and a separate binding lease agreement for each individual aircraft. It is the parent company of Surf Air and BlackBird Air, and has entered into an agreement to acquire Ampaire,[2][3][4] a $100 million acquisition abandoned by April 2022. After Surf Air, Wade Eyerly, Cory Cozzens, and Reed Farnsworth formed Beacon Air in 2015, but shut it down in 2016. This electric aviation company opted to go public via a direct listing. [17][18] Surf Air Mobility has agreed to purchase up to 150 Cessna Grand Caravan EX single-engine turboprops,[19] with an initial fleet order of 100 aircraft and an option for 50 more.[20][21]. Dallas entrepreneur Nick Kennedy, who founded RISE, was expected to serve as president of the Texas and southeast region for Surf Air. press@surfair.com Bernstein analyst David Vernon initiates coverage on Surf Air Mobility Inc (NYSE . Surf Air Mobility believes such cost and environmental impact reductions are achievable by the end of the decade, and that operating as a publicly-traded company and having efficient access to growth capital will enable and accelerate the implementation of its strategic plan. Initial Public Offering - Surf Air Mobility Inc. Surf Air Mobility Announces the Successful Completion of its Surf Air Mobility Begins Push To Electrify Caravans is published in Advanced Air Mobility Report, an Aviation Week Intelligence Network (AWIN) Market Briefing and is included with your AWIN Premium membership. Opting for a direct listing is somewhat unusual, as it allows companies to skip the initial public offering (IPO) process. Credit: Surf Air Mobility. 2023 InvestorPlace Media, LLC. This press release does not constitute (i) a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination, or (ii) an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In accordance with undertakings made by the Registrant in the Registration Statement to remove from registration, by means of a post-effective amendment, any of the securities that remain unsold at the termination of the offering, the Registrant hereby removes from registration all securities that were registered but unsold or otherwise unissued under the Registration Statement as of the date of the effectiveness of the Post-Effective Amendment. "[16], In July 2021, Surf Air Mobility announced that it has entered into a relationship with Textron Aviation to develop an electrified Cessna Grand Caravan, beginning with a hybrid electric Cessna Grand Caravan aircraft. About Textron Inc. We believe significantly reducing the emission from this category of aircraft will be the biggest step we can take toward de-carbonization in this decade, said Sudhin Shahani, Co-founder, Chairman and CEO, Surf Air Mobility. Surf Air Mobilitys vision is to utilize the hybrid electric Cessna Grand Caravan aircraft across its own network, connecting more airports with short-haul direct service and building a regional mass transport platform to sustainably connect communities across the U.S. Hybrid electric propulsion technology, deployed at scale for environmental and commercial benefits, is an important part of the future of travel, said Ron Draper, President & CEO, Textron Aviation. Be the first to hear about the future of transportation. The management team has deep experience and expertise across aviation, electrification, and consumer technology. Textron Aviation [23] In 2022, Surf Air continued to see month-to-month increases in flights and passenger count. THCA stockholders and other interested persons may obtain, without charge, more detailed information regarding directors and officers of THCA in the SPACs Form S-1 filed with the SEC relating to its initial public offering, which was declared effective on July 11, 2019 and in the proxy statement/prospectus relating to this transaction once filed. To continue reading this and other premium stock market news articles please .
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