Streetbeat News

SRFM

Surf Air Mobility Inc.

https://www.surfair.com

Industry

Airlines, Airports & Air Services

Surf Air Mobility Inc. operates as an electric aviation and air travel company in the United States. It offers an air mobility platform with scheduled routes and on demand charter flights operated by third parties; and air cargo services. The company is headquartered in Hawthorne, California.

Open

3.71

Mkt cap

70M

Volume

178K

High

4.24

P/E Ratio

-0.27

52-wk high

7.14

Low

3.71

Div yield

N/A

52-wk low

0.90

Surf Air Mobility Inc. (NYSE:SRFM) has entered into binding terms for a $35.2 million mandatory convertible debenture with GEM Global Yield LLC. The agreement includes the cancellation of certain previously issued shares, restrictions on sales and redemption rights, and an increase in capacity under a $400 million share subscription facility. The terms aim to reduce near-term overhang by canceling most of GEM's freely tradable shares in SRFM, impose a volume restriction on sales related to the debenture, and provide the company with the flexibility to redeem the debenture at 115% of par value to avoid dilution. GEM has agreed to refresh the company's ability to access up to $400 million under the Share Subscription Facility. The final terms are subject to further negotiation and will be detailed in definitive agreements.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 1:34 pm

In Monday's intraday session, several industrial stocks experienced significant movements. Daseke (DSKE) saw a 64.9% increase, while Royalty Management Holdings (RMCO) rose 27.13%. Rocket Lab USA (RKLB) and TPI Composites (TPIC) also saw upward movements of 22.79% and 21.81%, respectively. Velo3D (VLD) and Surf Air Mobility (SRFM) stocks increased as well. Conversely, Jayud Global Logistics (JYD) dropped 54.5%, and Advent Technologies Holdings (ADN) fell 32.42%. Other decliners included ESGL Holdings (ESGL), RBC Bearings (RBCP), ATIF Holdings (ATIF), and AAR (AIR), with AIR's drop following its Q2 earnings report two days prior.

Portfolio Pulse from Benzinga Insights

December 25, 2023 | 5:30 pm

In Tuesday's after-market session, several industrial stocks experienced movement. Micromobility com (MCOM) saw a significant rise of 14.9%, while ShiftPixy (PIXY) faced a notable decline of 9.2%. Other gainers included Fuel Tech (FTEK), Tritium DCFC (DCFC), Hyzon Motors (HYZN), Surf Air Mobility (SRFM), and Fusion Fuel Green (HTOO). On the losing side, ESGL Holdings (ESGL), AERWINS Technologies (AWIN), Sunworks (SUNW), Jet AI (JTAI), and Nuburu (BURU) saw their stock prices fall.

Portfolio Pulse from Benzinga Insights

December 12, 2023 | 9:31 pm

During Monday's intraday session, several industrial stocks experienced significant movements. Jet AI (JTAI) saw a substantial increase of 68.2%, while ClearSign Technologies (CLIR) and Surf Air Mobility (SRFM) also posted gains of 19.59% and 16.7%, respectively. On the downside, Terran Orbital (LLAP) dropped by 31.4%, and other companies like Earlyworks Co (ELWS) and Singularity Future Tech (SGLY) saw declines of 17.28% and 16.65%. These movements reflect changes in investor sentiment and market dynamics affecting these individual stocks.

Portfolio Pulse from Benzinga Insights

December 11, 2023 | 5:31 pm

Surf Air Mobility Inc. (NYSE:SRFM) and Azul S.A. (NYSE:AZUL) have entered into an agreement to incorporate electric powertrains into Azul's Cessna Caravan fleet. The collaboration aims to develop Surf Air Mobility's proprietary electric powertrain technology in Brazil, with a focus on meeting regulatory requirements and achieving certification by 2026. Azul's goal is to reach net-zero carbon emissions by 2045, and the electrification of its fleet is a step towards this. The partnership is expected to reduce operating costs by 50% and eliminate carbon emissions for the aircraft, potentially improving the economics of Azul's routes and enabling new routes.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:21 pm

In Monday's pre-market session, several industrial stocks showed significant movement. Earlyworks Co (ELWS) saw a 24.1% increase, while BioNexus Gene Lab (BGLC) experienced a 23.3% decline. Other notable gainers included Captivision (CAPT) and Desktop Metal (DM), with rises of 19.23% and 6.28% respectively. Conversely, Addentax Group (ATXG) and Xos (XOS) were among the losers, with drops of 12.32% and 10.81%. Market capitalizations varied, with Desktop Metal at $259.7 million being the largest among the mentioned companies.

Portfolio Pulse from Benzinga Insights

November 27, 2023 | 1:06 pm

During Tuesday's intraday session, several industrial stocks experienced significant movements. Symbotic (SYM) saw a 35.2% increase after Q4 earnings release, while Tigo Energy (TYGO) rose 19.62%. Dycom Industries (DY) gained 18.43% following their Q3 earnings report. Dragonfly Energy Hldgs (DFLI), Astra Space (ASTR), and Golden Ocean Group (GOGL) also saw gains. Conversely, Microvast Holdings (MVST) dropped 31.5%, Gaucho Group Holdings (VINO) fell 18.63%, and Recruiter.Com Group (RCRT), Xos (XOS), Surf Air Mobility (SRFM), and ATIF Holdings (ATIF) experienced declines.

Portfolio Pulse from Benzinga Insights

November 21, 2023 | 5:31 pm

During Friday's intraday session, several industrial stocks experienced significant movements. WANG & LEE Group's shares soared by 98.6%, while Babcock & Wilcox and Spirit Airlines also saw substantial gains. Conversely, ChargePoint Holdings, Surf Air Mobility, and other stocks such as Xos, Bitcoin Depot, Blink Charging, and Velo3D faced notable declines. Market caps and trading volumes varied, with some companies like iPower recently releasing Q1 earnings and others like Surf Air Mobility and Bitcoin Depot having released Q3 earnings in the past few days.

Portfolio Pulse from Benzinga Insights

November 17, 2023 | 5:31 pm

Surf Air Mobility forecasts its FY23 revenue to be between $107.5M and $112.5M, which is below the estimated $113.4M.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:25 pm

Surf Air Mobility reported a Q3 2023 EPS of $(1.36), an improvement from $(1.51) YoY. However, their revenue of $28.9M fell short of the $29.024M estimate.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:24 pm

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