Surf Air Mobility (SRFM) Announces 1:7 Reverse Share Split

Surf Air Mobility Inc. (NYSE: SRFM) (“Surf Air Mobility,” “we,” or “the Company”) announced today the terms of the Company’s previously disclosed reverse stock split (the “Reverse Split”).

Authorization for the Reverse Split was approved by stockholders at Surf Air Mobility’s Annual Meeting on June 25, 2024. On August 8, 2024, the Board of Directors selected a Reverse Split ratio of 1-for-7 shares (the “Split Ratio”) pursuant to the authorization approved by stockholders. The Reverse Split will be effective at 12:01 am Eastern Time on August 19, 2024 for all outstanding shares of Surf Air Mobility’s common stock. The Company’s common stock will continue to trade under the symbol “SRFM” and is expected to begin trading on the New York Stock Exchange (“NYSE”) on a split-adjusted basis on August 19, 2024.

As a result of the Reverse Split, every seven shares of the Company’s issued and outstanding common stock will be automatically reclassified into one new share of common stock, which will remain fully paid and non-assessable. The Reverse Split will not modify any rights or preferences of any of Surf Air Mobility’s common stock, and will be applied uniformly and equally to stockholders, such that the percentage ownership interests in the Company’s equity will not change, except to the extent that the Reverse Split results in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Split, and in lieu thereof, stockholders who would otherwise be entitled to a fractional share will receive a proportional cash payment based on the closing trading price per share of the common stock on the NYSE on August 16, 2024, the trading day immediately preceding the effective time of the Reverse Split, as adjusted for the Split Ratio.

The Reverse Split will not change the number of authorized shares of each class of common stock, or the par value of the common stock. The Company will proportionally adjust the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as well as the number of shares issued and issuable under Surf Air Mobility’s equity incentive plan.

The Reverse Split is intended to help the Company regain compliance with the minimum bid price requirements for maintaining its listing on the NYSE.

Following the effectiveness of the Reverse Split the new CUSIP number for the common stock will be 868927 203. Immediately following the Reverse Split there will be approximately 12,826,529 shares of common stock outstanding.

Surf Air Mobility has appointed its transfer agent, Equiniti Trust Company, LLC, to act as exchange agent for the Reverse Split. Stockholders owning pre-split shares via a bank, broker, or other nominee will have their positions automatically adjusted to reflect the Reverse Split and will not be required to take further action in connection with the Reverse Split, subject to the nominees' particular procedures and policies. Similarly, registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are also not required to take further action in connection with the Reverse Split. Holders of certificated shares will be contacted by the Company or its exchange agent with further details about how to surrender old certificates in exchange for new shares.

Additional information about the Reverse Split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on April 29, 2024, which is available free of charge at the SEC's website, www.sec.gov, and on the Company's website at https://investors.surfair.com/financials/sec-filings/default.aspx.

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