May 13, 2025
In an apparent vote of confidence for its transformation plan Sduhin Shahani has bought 408,163 Surf Air shares at market rates.
Co-founder and Board Member Sudhin Shahani has purchased 408,163 shares in Surf Air at market rates, the company announced.
The purchase price was around $1 million and was classified as a private transaction.
Shahani said, “Our Transformation Plan is already having an early impact.”
He added, “We’ve improved operations and strengthened the core business. I’m confident in our experienced leadership team’s continued execution capabilities.”
The 2011 start-up launched as a subscription service providing by-the-seat flights on a fleet of PC-12s with members paying a monthly fee.
After several transitions, a merger with Southern Airways, and a public listing, it bills itself as a regional air mobility platform and one of the largest commuter airlines in the U.S. by scheduled departures.
It is also the largest U.S. passenger operator of Cessna Caravans.
The Los Angeles-based flight provider is working to commercialize electrified aircraft and developing proprietary powertrain technology for the Cessna Caravan.
Surf Air Mobility plans to offer its software and electrification solutions to the industry, aiming to enhance safety, efficiency, and profitability.
Earlier this year, it relaunched its jet card program as an off-fleet product with guaranteed availability and pricing.
Earlier this month, it reported slimmer losses despite a decline in revenue.
Before his role at Surf Air, Shahani was an Entrepreneur in Residence at Anthem Ventures.
At this early-stage venture capital firm, he worked with several portfolio companies, led investments, and served on the boards of Madefire from July 2013 to December 2018 and Panna from March 2012 to April 2019, until their sale to Discovery Networks.
Before his role at Anthem Ventures, Shahani co-founded Musicane, a digital music and social shopping network from 2004 to 2009.
Deanna White, a former president of Flexjet, was appointed full-time CEO in December 2024.
Surf Air stock closed at $2.59 yesterday.
Its 52-week price has ranged between $0.90 and $6.72.
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