Surf Air Mobility will pursue direct listing after scrapping SPAC deal with Tuscan Holdings Corp. II

Surf Air Mobility Inc. said Wednesday it plans to pursue a direct listing to go public and that it will no longer merger with special purpose acquisition company Tuscan Holdings Corp. II in a deal that was valued at $1.42 billion when it was announced in May. Surf Air Mobility said it filed a confidential submission of a draft registration statement on form S-1 with the Securities and Exchange Commission for a proposed direct listing of its common stock. Surf Air Mobility specializes in bringing electrified aircraft to market at scale in order to reduce the cost and environmental impact of flying.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.