Surf Air Mobility Receives Continued Listing Standard Notice from NYSE

Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility”,“Surf Air”), a leading regional air mobility platform, today announced that on April 2, 2024 it received notice from the New York Stock Exchange (“NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of Surf Air’s Common Stock was less than $1.00 over a consecutive 30 trading-day period.

The NYSE notice has no immediate impact on the listing of Surf Air’s Common Stock, and the Common Stock will continue to be listed and trade on the NYSE, subject to Surf Air’s compliance with other NYSE continued listing standards.

Surf Air plans to notify the NYSE within 10 business days that it intends to regain compliance with Rule 802.01C and cure the stock price deficiency. Surf Air can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period Surf Air has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Surf Air intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at Surf Air’s next annual meeting of stockholders, if necessary to cure the stock price non-compliance. Under the NYSE’s rules, if Surf Air determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days.

The notice is not anticipated to impact the ongoing business operations of Surf Air and its subsidiaries or its reporting requirements with the U.S. Securities and Exchange Commission.

About Surf Air Mobility

Surf Air Mobility is a Los Angeles-based regional air mobility platform expanding the category of regional air travel to transform flying through the power of electrification. In an effort to substantially reduce the cost and environmental impact of flying and as the operator of the largest commuter airline in the US, Surf Air Mobility intends to develop powertrain technology with its commercial partners to electrify existing fleets and bring electrified aircraft to market at scale. The management team has deep experience and expertise across aviation, electrification, and consumer technology.