© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 7, 2023. REUTERS/Brendan McDermid/File Photo
(Reuters) – Electric aviation and regional air travel company Surf Air Mobility has delayed the direct listing of its common shares on the New York Stock Exchange, the company said on Monday, and now expects the trading in its stock to begin during the week of July 24.
Surf Air’s shares were earlier expected to trade on the NYSE under the ticker “SRFM” from July 11.
The company last year had confidentially filed for a direct listing in the United States after terminating its $1.42 billion merger deal with a blank check firm.
Surf Air did not immediately respond to a Reuters request for comment for the reasons on delaying the listing.
Contrary to an initial public offering, shares are not sold in advance in a direct listing. Shareholders are allowed to sell shares directly to the public and net any proceeds from the sale. The stock price at debut is determined by orders coming into the stock exchange.
Cryptocurrency exchange Coinbase (NASDAQ:) Global and workplace communication software Slack Technologies (NYSE:) went public through direct listings. Slack was later bought by Salesforce (NYSE:).
