Surf Air Mobility Announces Approximately 90% Reduction to Contemplated Future Equity Dilution
2024年12月12日 - 8:45PM
ビジネスワイヤ（英語）
Previously announced credit facility expected
to facilitate reduction in contemplated future equity dilution
Company plans registration statement amendment
to reduce share subscription facility shares from 40,000,000 shares
to $15,000,000 (~4.4M shares at today’s price)
Reduction of potential dilution unlocks ability
to create significant shareholder value over time
Surf Air Mobility Inc. (NYSE: SRFM) (the “Company” or “Surf
Air”), a leading regional air mobility platform, announced today
that it anticipates reducing potential future equity dilution by
approximately 90%. As part of its new financing strategy, with
increased reliance on debt versus equity financing, the Company
plans to amend the registration statement associated with its share
subscription facility with GEM Global Yield LLC (“GEM”). The
anticipated amendment, which will require Securities Exchange
Commission review, will reflect the Company’s plan to significantly
reduce its use of the equity backed GEM facility by reducing the
number of shares registered by approximately 35.6 million
shares.
Today’s announcement follows Surf Air’s recently announced $50M
term loan, which enables the Company to continue to execute on its
Transformation Plan without the need for the Company to draw
significant funds from the GEM facility in the near term.
“This enhanced financing strategy, coupled with continued
progress against our Transformation Plan, further positions the
Company to achieve profitability in our airline operations in 2025
and to unlock shareholder value over time,” said Deanna White, CEO
of Surf Air Mobility. “Our recent $50 million financing enabled us
to recalibrate and streamline our business plan so that it will
require less capital to achieve profitability in the short- to
medium term. We are excited to deliver a far less dilutive outcome
to our shareholders than was previously contemplated.”
The Company’s amended registration statement is expected to
reflect the Company’s intention to access no more than $15 million
in 2025 under the GEM facility going forward which, at current
prices, represents approximately 4.4 million shares. The reduction
of approximately 35.6 million shares that the Company would
potentially issue under the GEM facility is equivalent to an
approximate 90% reduction in potential dilution.
The Company has also strengthened its balance sheet through (a)
an extension of other secured debt maturities to December 31, 2028,
(b) a reduction in costs from achieving M&A synergies and the
exit of certain unprofitable routes, and (c) a reduction to past
liabilities. As a result, the Company has a substantially reduced
cash burn.
As previously noted, during 2025 the Company intends to exit
unprofitable flight routes, deploy four recently acquired new
aircraft to more efficiently service certain routes, address
maintenance backlogs, and leverage its SurfOS software platform to
drive efficiencies. With a renewed focus on profitability of its
airline operations over revenue growth in the coming year, the
Company expects that revenue in 2025 will still exceed $100
million. Also, as previously noted, the Company expects that it
will achieve profitability in its airline operations in 2025.
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based regional air mobility
platform and the largest commuter airline in the U.S. by scheduled
departures as well as the largest passenger operator of Cessna
Caravans in the U.S. In addition to its airline operations, Surf
Air Mobility is currently developing an AI powered airline software
operating system and is working toward certification of electric
powertrain technology. Surf Air Mobility plans to offer our
technology solutions to the entire regional air mobility industry
to improve safety, efficiency, profitability and reduce
emissions.
Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995., including statements regarding the anticipated benefits of
the $50 million term loan financing; Surf Air’s implementation of
its transformation strategy; Surf Air’s ability to anticipate the
future needs of the air mobility market; future trends in the
aviation industry, generally; Surf Air’s profitability and future
financial results; and Surf Air’s balance sheet and liquidity.
Readers of this release should be aware of the speculative nature
of forward-looking statements. These statements are based on the
beliefs of the Company’s management as well as assumptions made by
and information currently available to the Company and reflect the
Company’s current views concerning future events. As such, they are
subject to risks and uncertainties that could cause actual results
or events to differ materially from those expressed or implied by
such forward-looking statements. Such risks and uncertainties
include, among many others: Surf Air’s future ability to pay
contractual obligations and liquidity will depend on operating
performance, cash flow and ability to secure adequate financing;
Surf Air’s limited operating history and that Surf Air has not yet
manufactured any hybrid-electric or fully-electric aircraft; the
electrified powertrain technology Surf Air plans to develop does
not yet exist; 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’s
development of electrified powertrains and its advanced air
mobility software platform, 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’s growth; the inability of Surf Air’s customers to pay for
Surf Air’s services; the inability of Surf Air 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, the
risks associated with Surf Air’s obligations to comply with
applicable laws, government regulations and rules and standards of
the New York Stock Exchange; and general economic conditions. These
and other risks are discussed in detail in the periodic reports
that the Company files with the SEC, and investors are urged to
review those periodic reports and the Company’s other filings with
the SEC, which are accessible on the SEC’s website at www.sec.gov,
before making an investment decision. The Company assumes no
obligation to update its forward-looking statements except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241212373269/en/
Surf Air Mobility Contacts Press: press@surfair.com
Investors: investors@surfair.com
Surf Air Mobility (NYSE:SRFM)
過去 株価チャート
から 11 2024 まで 12 2024
Surf Air Mobility (NYSE:SRFM)
過去 株価チャート
から 12 2023 まで 12 2024
