Surf Air Mobility To Go Public Solo after Merger Busted

 - November 17, 2022, 11:32 AM
Surf Air Mobility scuttled its plans in April to acquire Ampaire, which is developing a hybrid-electric version of the Cessna Grand Caravan. (Photo: Surf Air Mobility)

Flight booking platform Surf Air Mobility will be going public on its own following the termination this week of its $1.42 billion merger with special purpose acquisition company (SPAC) Tuscan Holdings Corporation II. The “mutually agreed” termination was approved by both companies’ board of directors, according to a filing with the Securities and Exchange Commission (SEC).

In a separate, confidential filing with the SEC this week, Surf Air Mobility announced plans to pursue a direct listing of its common stock. The plan awaits approval from the SEC. A Surf Air spokeswoman told AIN that the company could not comment further on the termination of the Tuscan Holdings merger nor its plans for a direct listing.

Surf Air Mobility announced the SPAC merger in May, expecting to raise about $467 million in funding for its plan to integrate electric aircraft into the fleets of its partner operators.

That deal came on the heels of Surf Air Mobility scuttling its plans in April to acquire Ampaire, which is developing a hybrid-electric version of the Cessna Grand Caravan. Surf Air first announced the Ampaire acquisition in February 2021.