Surf Air Mobility (SRFM) Expands Capital Base with $27M Equity Offering

Surf Air Mobility Inc. (NYSE:SRFM) is one of the best airline stocks to buy according to hedge funds. On June 26, the air mobility platform confirmed the closing of a direct offering for the purchase and sale of 10,800,002 shares priced at $2.50 a share.

The company accrued $27 million from the offering, before deducting placement agent’s fees and other offering expenses. The public offering is poised to strengthen the company’s financial position, with a portion of the net proceeds allocated towards debt repayment. A portion of the funds will also be allocated for general corporate purposes.

Surf Air Mobility Inc. (NYSE:SRFM) is one of the largest commuter airlines in terms of scheduled departures. It is also one of the largest U.S. passenger operators of Cessna Caravans. The company is also developing an AI-powered software platform for the regional air mobility industry and exploring electrified aircraft technology.

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Disclosure: None. This article is originally published at Insider Monkey.