The purchase comes after a 1-for-7 reverse stock split by Surf Air Mobility, which took effect on August 19, 2024, and is reflected in the current number of shares Albert owns. According to InvestingPro data, the stock has demonstrated high price volatility, with the price ranging from a 52-week low of $0.90 to a high of $11.83. According to InvestingPro data, the stock has demonstrated high price volatility, with the price ranging from a 52-week low of $0.90 to a high of $11.83.
The purchase comes after a 1-for-7 reverse stock split by Surf Air Mobility, which took effect on August 19, 2024, and is reflected in the current number of shares Albert owns.
In other recent news, Surf Air Mobility has reported a substantial revenue growth of nearly 200% over the last twelve months. The company has recently undergone major changes, including the appointment of David Anderman, a former SpaceX counsel, to its board of directors. Anderman's experience in the aerospace and entertainment industries is expected to contribute to the company's strategic direction.
Surf Air Mobility also announced the official appointment of Deanna White as its Chief Executive Officer and Chief Operating Officer. The company has issued 446,830 shares of common stock to Palantir Technologies (NASDAQ:PLTR) in exchange for approximately $2.0 million worth of in-kind services.
Analysts at Canaccord Genuity have upgraded the company's stock target to $4.00 from the previous $2.20, reflecting an optimistic view of the company's future financial performance. However, Surf Air Mobility did not meet the revenue targets necessary for the first tranche of its management incentive bonus plan.
The company is actively implementing a strategic Transformation Plan, backed by a $50 million term loan, aiming to achieve profitability by 2025. These are the recent developments within Surf Air Mobility.
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