Surf Air Mobility Secures $50 Million Financing to Fund Transformation Plan and Path to Profitability [Yahoo! Finance]
Surf Air Mobility Inc. (SRFM)
Company Research
Source: Yahoo! Finance
At SOFR +5%, Term Loan Lowers Company's Cost of Capital and Minimizes Dilution Robust Cash Position Enables New Management Team to Advance Four Phase Transformation Plan LOS ANGELES, November 14, 2024 BUSINESS WIRE )--Surf Air Mobility Inc. (NYSE: SRFM) ("the Company"), a leading regional air mobility platform, today announced the closing and funding of its new Senior Secured Term Loan from Comvest Partners, a multi-billion-dollar investment management firm. The new facility is comprised of (i) a $44.5 million term loan, which was fully funded today, and (ii) a $5.5 million delayed draw term loan to be used for interest payments over the first 18 months. Oliver Reeves, Chief Financial Officer, said: "Today we have fundamentally restructured our balance sheet – addressing our near-term liquidity constraints, lowering our cost of capital, minimizing potential dilution under our equity share subscription facility, and repositioning Surf Air Mobility for profitable growth. Alongsid
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SRFM
News
- Surf Air Mobility Unveils Four-Phase Transformation Plan and Updated Investor PresentationBusiness Wire
- Surf Air Mobility Inc. (NYSE: SRFM) had its "hold" rating re-affirmed by analysts at Canaccord Genuity Group Inc.. They now have a $2.20 price target on the stock.MarketBeat
- Surf Air Mobility Reports Third Quarter Financial Results, Exceeding Revenue and Adjusted EBITDA Expectations [Yahoo! Finance]Yahoo! Finance
- Surf Air Mobility Reports Third Quarter Financial Results, Exceeding Revenue and Adjusted EBITDA ExpectationsBusiness Wire
- Surf Air Mobility Secures $50 Million Financing to Fund Transformation Plan and Path to ProfitabilityBusiness Wire
SRFM
Earnings
- 11/14/24 - Beat
SRFM
Sec Filings
- 11/14/24 - Form 10-Q
- 11/14/24 - Form 8-K
- 11/14/24 - Form 8-K
- SRFM's page on the SEC website