Company: SRFM
Filing Date: 2025-02-11
Form Type: S-3
Source: 0000950170-25-018075
Chunk: 12

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-02-11
Form: S-3
Chunk 12
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 not limited to, reduced disclosure obligations regarding executive compensation. We will continue to be a smaller reporting company as long as either (i) the market value of the shares of our common stock held by non-affiliates is less than $250 million as of the last business day of our most recently completed second fiscal quarter or (ii) our annual revenue is less than $100 million during the most recently completed fiscal year and the market value of the shares of our common stock held by non-affiliates is less than $700 million as of the last business day of our most recently completed second fiscal quarter.

Implications of Reduced Disclosures

We have elected to take advantage of certain of the reduced disclosure obligations discussed above in our SEC filings and expect to take advantage of reduced disclosure obligations in future filings with the SEC, while we remain an emerging growth company or smaller reporting company, as applicable. If we do, the information that we provide stockholders may be different than what you might receive from other public reporting companies in which you may have equity interests. See Item 1A “Risk Factors” in our 2023 Form 10-K.

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Selected financial data</div>

Reverse Stock Split

On August 16, 2024, the Company effected a seven-for-one reverse stock split for all shares of the Company’s common stock issued and outstanding. As a result of the reverse stock split, every seven shares of the Company’s old common stock were converted into one share of the Company’s new common stock. Fractional shares resulting from the reverse stock split were settled by cash payment.

The following selected financial data has been derived from our audited consolidated financial statements included in the 2023 Form 10-K, and our unaudited consolidated financial statements included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, filed with the SEC on May 15, 2024, and August 14, 2024, respectively (the "2024 Quarterly Reports"), as adjusted to reflect the seven-for-one reverse stock split for all periods presented. Our audited consolidated financial statements included in the 2023 Form 10-K and the unaudited condensed consolidated financial statements included in the 2024 Quarterly Reports that are incorporated by reference into this prospectus are presented without giving effect to the reverse stock split. Our unaudited consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarter ended September