Surf Air Mobility Announces the Successful Completion of its Acquisition of Southern Airways

Surf Air Mobility Inc. (“Surf Air Mobility” or “SAM”), a regional air mobility platform aiming to sustainably connect the world’s communities, announced today that the transaction between Surf Air Mobility and Southern Airways (“Southern”) closed immediately prior to the listing of Surf Air Mobility on the New York Stock Exchange under the ticker symbol “SRFM” on July 27, 2023. The combination of Surf Air Mobility and Southern will provide the basis for SAM’s anticipated expanded, nationwide regional air mobility platform. Following the close of the transaction on July 27, 2023, Surf Air Mobility has 69,742,981 basic shares outstanding and 71,603,186 fully diluted shares outstanding.

Operational and Financial Highlights, Surf Air and Southern together:

• 450,000 passengers across 48 cities with over 75,000 departures in 2022
• Revenue of $100.6 million for the full year 2022, up 44.6% YoY on a combined basis²
• Operating loss of $(111.7) million for the full year 2022, inclusive of $(33.4) million one-time transaction related expenses and $(38.2) million in stock based compensation
• Cash on hand at July 27, 2023 of $34.7 million, with the ability to draw $100 million in cash advances under the GEM share subscription facility³
• Aircraft financing facility with Jetstream for up to $450 million to finance further expansion
• Fleet order with Textron Aviation Inc. to enable the growth of SAM’s fleet by up to 150 Cessna Grand Caravans
• Exclusive provider to Textron Aviation Inc. of battery electric and hybrid electric powertrain technology for the Cessna Grand Caravan

Surf Air Mobility also announced that it will release its financial results for the second quarter of 2023 and provide outlook for the full year 2023 the week of August 14, 2023.

“Surf Air Mobility is building a regional air mobility platform to sustainably connect the world’s communities. We are thrilled to announce the completion of our transaction, combining Surf Air and Southern into Surf Air Mobility, the largest commuter airline in the US by scheduled departures. We are now well-positioned to build a platform that delivers accessible, affordable, and sustainable regional travel for our customers,” said Stan Little, CEO of Surf Air Mobility. “Our public listing is just the beginning, and we look forward to sharing our journey as we execute on our vision to advance the future of flight.”