Surf Air Falls 37% From Debut Price in Direct Listing
- Shares sell below expectations for $290 million market value
- ‘We’ll eventually get to where we thought we would be’: CEO
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Surf Air Mobility Inc. began trading at $5 a share and fell 37% from there in the first significant direct listing in the US in almost two years.
Shares of the venture-backed regional air carrier with plans for electric planes closed at $3.15 Thursday in New York trading. At that price, the company has a market value of roughly $290 million based on the outstanding shares indicated in its filings with the US Securities and Exchange Commission.