Surf Air Mobility Inc. Receives NYSE Notice; Approves Reverse Stock Split

What Happened

• On July 24, 2026, Surf Air Mobility Inc. (SRFM) filed an 8‑K saying it received a notice from the New York Stock Exchange that it is not in compliance with Section 802.01C because the average closing price of its common stock was below $1.00 over a consecutive 30 trading‑day period. The notice does not have immediate effect on the listing. The company intends to notify the NYSE within the required 10 business days of its intent to cure and has a six‑month cure period to regain compliance.
• The company also reported results of its July 24, 2026 annual meeting: two Class C directors were elected, PricewaterhouseCoopers LLP was ratified as auditor for 2026, and stockholders approved an amendment to allow a reverse stock split at a ratio between 2:1 and 6:1.

Key Details

• NYSE non‑compliance notice received: July 24, 2026; deficiency due to average closing price < $1. Company has six months to cure; can regain compliance if closing price and 30‑day average are ≥ $1 on the last trading day of any calendar month during the cure period.
• Director elections (three‑year terms expiring 2029): Tyler Painter — For 29,406,456; Withheld 5,076,679; Broker Non‑Vote 30,047,475. Sudhin Shahani — For 29,879,175; Withheld 4,603,960; Broker Non‑Vote 30,047,475.
• Auditor ratification: PwC ratified for fiscal year ending Dec 31, 2026 — For 59,170,909; Against 1,348,886; Abstentions 4,010,815.
• Reverse split approval: Amendment to permit a reverse stock split at a ratio between 2:1 and 6:1 approved — For 54,887,798; Against 9,453,392; Abstentions 189,420.

Why It Matters

• The NYSE notice signals the company currently trades below the exchange’s $1 minimum average price requirement. If Surf Air cannot restore its share price within the six‑month cure period, it could face delisting, which would reduce liquidity and access to some investors.
• The approved 2:1–6:1 reverse split amendment gives the board flexibility to consolidate shares to increase the per‑share price, a common step to try to regain compliance. A reverse split will reduce outstanding shares and proportionally increase the share price, but it does not change the company’s underlying market value.
• The filing states the notice is not expected to affect Surf Air’s operations or SEC reporting obligations. Investors should watch for the company’s formal notice to the NYSE, any announced reverse split ratio and timing, and subsequent share‑price performance during the cure period.