Sudhin Shahani, Co-Founder and Board Member, acquired over 400,000 shares of Surf Air Mobility Inc. common stock at the prevailing market price.
May 28, 2025 – (NYSE:SRFM) (“the Company”, “Surf Air Mobility”), a leading platform for regional air travel, announced that Sudhin Shahani, its Co-Founder and a member of its Board of Directors, purchased 408,163 shares of the Company’s common stock at the current market price. The total purchase price for this private transaction, executed directly with the Company, was approximately $1 million.
Mr. Shahani commented: “The early effects of our Transformation Plan are already visible. We have enhanced our operations and reinforced our fundamental business. I have strong faith in the ability of our experienced leadership team to continue delivering results.”
The Company is still concentrating on the Optimization Phase of its Transformation Plan. Key initiatives include streamlining airline operations, adjusting the On Demand business, and boosting efficiency through SurfOS.
About Surf Air Mobility
Surf Air Mobility, based in Los Angeles, is a regional air mobility platform and one of the largest commuter airlines in the U.S. based on scheduled departures. It also stands as the largest U.S. passenger operator of Cessna Caravans. Alongside its airline operations and On Demand charter services, Surf Air Mobility is creating an AI-driven software platform designed for the Regional Air Mobility sector. Furthermore, the company is dedicated to bringing electrified aircraft to market and is developing unique powertrain technology for the Cessna Caravan. Surf Air Mobility intends to provide its software and electrification solutions to the Regional Air Mobility industry, with the goal of enhancing safety, efficiency, and profitability.
Forward-Looking Statements
This Press Release includes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements encompass predictions regarding Surf Air’s profitability, future financial performance, and its capacity to meet its business objectives. Readers should acknowledge the speculative character of these forward-looking statements. These statements are rooted in the Company’s management’s beliefs, assumptions, and currently accessible information, reflecting the Company’s present perspectives on future events. Consequently, they are subject to risks and uncertainties that may cause actual outcomes or occurrences to diverge significantly from those articulated or implied by these statements. Such risks and uncertainties include, among other things: Surf Air’s capacity to foresee the evolving demands of the air mobility market; Surf Air’s future capacity to fulfill contractual duties, with liquidity contingent on operating performance, cash flow, and the securing of sufficient financing; reliance on external partners and suppliers for components and collaboration in the creation of Surf Air’s advanced air mobility software platform, along with potential disruptions, disagreements, or delays involving these entities; possible inability to attain business goals and growth strategies effectively or to sustain Surf Air’s growth; the potential inability of Surf Air’s clients to cover Surf Air’s service costs; potential inability to secure additional financing or tap into capital markets for ongoing operational funding under favorable conditions; the resolution of any potential legal actions against Surf Air, risks linked to Surf Air’s commitment to abide by relevant laws, government regulations, and the New York Stock Exchange’s rules and standards; and broad economic factors. These risks, along with others, are detailed in the Company’s periodic reports submitted to the SEC. Investors are encouraged to carefully review these reports and the Company’s additional filings with the SEC, accessible on the SEC’s website at , before making any investment decisions. The Company undertakes no obligation to revise its forward-looking statements, except as mandated by law.
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