Surf Air Mobility To Go Public Solo after Merger Busted

Flight booking platform Surf Air Mobility will be going public on its own following the recent termination of its $1.42 billion merger with special purpose acquisition company (SPAC) Tuscan Holdings Corporation II. The termination was "mutually agreed" to by the boards of directors of both companies, 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 BJT that the company could not comment further on the termination of the Tuscan Holdings merger or on 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.