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Tyrone D. Bland, a director at Surf Air Mobility Inc. (NASDAQ:SRFM), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The sale comes as the company, currently valued at $48.4 million, faces significant financial challenges according to InvestingPro analysis. On May 21, Bland sold 6,065 shares of common stock at a weighted average price ranging from $2.39 to $2.50 per share. The following day, May 22, he sold an additional 3,984 shares at a price between $2.43 and $2.48 per share. The total value of these transactions amounted to $24,720. The stock, which has declined nearly 52% year-to-date, currently trades near $2.59, well below its 52-week high of $6.72.
Following these sales, Bland now holds 4,917 shares of Surf Air Mobility. These transactions were conducted directly by Bland and reflect a reduction in his holdings in the company. InvestingPro analysis reveals the company is quickly burning through cash, one of 12 key insights available to subscribers about SRFM’s financial position and outlook.
In other recent news, Surf Air Mobility Inc. reported its fourth-quarter 2024 earnings, revealing a 5% increase in revenue to $28.05 million, though this fell short of the $38.75 million forecast by analysts. The company also disclosed plans for a $5 million stock sale, with H.C. Wainwright & Co. acting as the exclusive placement agent for the transaction. Additionally, Surf Air Mobility issued 244,011 shares of common stock to Palantir Technologies (NASDAQ:PLTR) in exchange for services valued at approximately $0.9 million, highlighting a trend of using stock as currency for services. The company has entered into a new interline agreement between its subsidiary Mokulele Airlines and Japan Airlines, enhancing flight connectivity between Hawaii and Japan. This partnership aims to improve booking and travel experiences for customers. Furthermore, Surf Air Mobility announced the launch of its new SURF OS software platform, which is expected to positively impact operational efficiency. These developments are part of the company’s ongoing efforts to optimize operations and achieve profitability in its airline operations for 2025.
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