Some emerging advanced air mobility 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) late on July 27. 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 on July 28 and closed trading that day at $2.55. The current share price gives the company a market capitalization of less than $500 million, substantially below a $1.2 billion valuation projected just two months ago during a fundraising round, but still an enterprise value of 25 times its annual revenue. Surf Air Mobility, which in November abandoned an earlier plan to merge with special purpose acquisition company Tuscan Holdings, said it will receive no direct proceeds from the offering.
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