Surf Air Mobility Announces Update Regarding NYSE Reference Price and Common Stock Outstanding

Surf Air Mobility Inc. (“Surf Air Mobility” or “SAM”), a regional air travel company aiming to sustainably connect the world’s communities, today announced that a reference price of $20.00 per share of Common Stock has been established by the New York Stock Exchange (the “NYSE”) for the expected listing of SAM’s Common Stock on the NYSE on Thursday, July 27, 2023. The number of shares of SAM’s Common Stock outstanding upon listing will depend on the actual opening trading price per share on the listing date. Assuming that the opening trading price per share on the listing date equals the reference price of $20.00, SAM would have approximately 49.8 million shares of Common Stock outstanding upon listing.¹ The reference price is not an offering price. The opening trading price will be determined by buy and sell orders collected by the NYSE from broker-dealers. The reference price may differ materially from the actual opening trading price per share on the NYSE.

For illustrative purposes only, the table below shows the total number of shares of Common Stock expected to be outstanding at various opening trading prices.

	Assumed Opening Price ($)		Total Shares of Common Stock Outstanding 1
$	1.00		315,337,696
$	5.00		91,927,374
$	15.00		54,692,321
$	25.00		48,995,310
$	35.00		46,732,305
$	45.00		45,475,081
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1 Includes estimated shares of Common Stock to be issued in a future financing based on the reference price or assumed opening price, as applicable (the “financing shares”). The number of shares of Common Stock to be issued in such financing will be based on the trading prices of the shares at the time of the financing. For illustrative purposes only, excluding the issuance of such financing shares, the number of shares of Common Stock expected to be outstanding at the reference price would be approximately 45.4 million shares, at an assumed opening price of $45 per share would be approximately 43.0 million shares, at an assumed opening price of $35 per share would be approximately 43.6 million shares, at an assumed opening price of $25 per share would be approximately 44.6 million shares, at an assumed opening price of $15 per share would be approximately 47.3 million shares, at an assumed opening price of $5 per share would be approximately 69.7 million shares and at an assumed opening price of $1 per share would be approximately 204.2 million shares. This financing is referred to as the “GEM Advance” in the registration statement.