Airlines
Surf Air Wipes Out as Stock Listing Tanks
Stock market cool to electric air mobility company's stock listing
Surf Air Mobility's hybrid-electric Cessna Caravan
Surf Air Mobility is developing a hybrid-electric version of the Cessna Grand Caravan.

Emerging advanced air mobility (AAM) companies continue to face significant financial headwinds as witnessed by the decidedly cool market reaction to Surf Air Mobility’s direct listing on the New York Stock Exchange (NYSE) yesterday. Its initial sale price was trading at $5 per share—well below the $20 reference price set by the exchange.

As the day went on, the price then tumbled to $2.75 before trading in the company was briefly halted due to stock price volatility as it continued to fall. Surf Air stock opened at $2.64 this morning.