© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. REUTERS/Brendan McDermid/File Photo
(Reuters) -Shares of Surf Air Mobility are expected to start trading on the New York Stock Exchange during the week of July 24, the electric aviation and regional air travel company said on Monday.
The company had earlier set a date on or about July 11, according to its filing with the U.S. Securities and Exchange Commission.
Surf Air last year had confidentially filed for a direct listing after terminating its $1.42 billion merger deal with a blank check firm.
The deal would have fetched up to $467 million in cash proceeds for Surf Air. It was terminated at a time when tough economic conditions dried up the environment for new stock listings.
Surf Air did not immediately respond to a Reuters request for additional comment.
Contrary to an initial public offering, shares are not sold in advance in a direct listing. Shareholders are allowed to sell shares directly to the public and net any proceeds from the sale. The stock price at debut is determined by orders coming into the stock exchange.
Cryptocurrency exchange Coinbase (NASDAQ:) Global and workplace communication software Slack Technologies (NYSE:) went public through direct listings. Slack was later bought by Salesforce (NYSE:).
Read the full article here
