Surf Air Mobility has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) related to plans to list its stock in an initial public offering on the New York Stock Exchange, the California-based company said on Monday.
In November, the flight booking platform signaled its intention to go public on its own following the termination of a $1.42 billion merger with special purpose acquisition company (SPAC) Tuscan Holdings Corp. II. Surf Air had expected that deal, originally announced in May 2022, to raise around $467 million to fund its effort to introduce electric aircraft at partner operators. That announcement came just a few weeks after it confirmed that an earlier plan to acquire powertrain developer Ampaire fell apart.
Surf Air's plans now center on converting Cessna Grand Caravan turboprop singles to a hybrid-electric propulsion system under development by MagniX in partnership with airframe modifications specialist and systems integrator AeroTec. Surf Air will support efforts to bring the modification to market under a supplemental type certificate it will own.
In October, Surf Air signed a $450 million facility with Jetstream Aviation Capital to fund the planned growth of its own turboprop fleet. Under that deal, Jetstream, a U.S. leasing group specializing in commercially operated turboprop regional aircraft and engines, also agreed to purchase up to 250 hybrid- and all-electric propulsion systems for existing aircraft from Surf Air.
The company said it plans to gain access to the financing facility over the next six years to acquire both new and used Cessna Caravans and Pilatus PC-12s, subject to separate binding purchase and lease agreements for each individual aircraft. Jetstream intends to take delivery of the 250 hybrid and fully electric powertrains from Surf Air over the course of five years, subject to FAA certification, negotiation of pricing terms, and minimum commitment and definitive documentation.