Surf Air receives notice of possible delisting

After receiving a notice of possible delisting last month for stock price, Surf Air has received a notice due to market capitalization.

By Doug Gollan, May 24, 2024

Surf Air Mobility said it received a second notice of possible delisting from the New York Stock Exchange.

The communication was received on May 20, 2024.

This notice came after Surf Air’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million, and its stockholders’ equity was less than $50 million.

In April, it received a similar notice because the average closing price of its common stock was less than $1.00 over a consecutive 30-trading-day period.

Today, Surf Air issues the following statement:

In accordance with NYSE procedures, Surf Air Mobility plans to submit a business plan advising the NYSE of the definitive action(s) Surf Air Mobility has taken, is taking, or plans to take to regain compliance with the listing standard, taking into consideration the additional stock price deficiency, within 45 days from receipt of the notice. If the NYSE approves Surf Air Mobility’s business plan, Surf Air Mobility’s shares will continue to be listed and traded on the NYSE during the 18-month cure period, subject to its compliance with other NYSE continued listing standards. Surf Air Mobility has strong conviction in its strategic plan moving forward and the ability of its leadership team to execute on that plan.

Surf Air said the notice “is not anticipated to impact the ongoing business operations.”

Earlier this month, former CFO Deanna White was named COO and Interim CEO.

She replaced Stan Little, who took the top spot after last year’s merger with Southern Airways.

The stock closed at 33.57 cents today.

Its stock has traded between 30 cents and $3.43 over the past year.

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