THCA - SPAC Tuscan Holdings II gains on deal to take Surf Air Mobility public

SPAC Tuscan Holdings Corp. II (NASDAQ:THCA) rose 2.7% in premarket trading after it agreed to take Surf Air Mobility public in a deal that will value the combined company at $1.42 billion. The transaction is expected to provide up to $467 million in gross cash proceeds to SAM, including committed capital investors including iHeartMedia, and Partners For Growth, and an equity line from Global Emerging Markets, as well as from THCA’s cash in trust, according to a statement.   Surf Air Mobility is a Los Angeles-based electric aviation and air travel company. The SPAC deal is expected to close in the second half of the year. In conjunction with the deal, Surf Air also entered into a binding agreement to acquire Southern Airways Corp. Southern Airways is described as the largest passenger operator of Cessna Grand Caravans in the U.S. On a pro forma basis, the combined company, consisting of SAM, Southern, and SPAC expects

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SPAC Tuscan Holdings II gains on deal to take Surf Air Mobility public