Jul. 2 at 3:05 PM
$SRFM Here’s the story as best I understand it.
-Company has been in severe cash crunch & bleed. Most recent refi buys them time though also added debt for plane purchases
-PLTR partnership & pivot to SaaS is their potential lifeline. PLTR was/is paid in shares vs having bought shares.
-Have been a dilution machine to stay afloat. Maybe that will change if they can become profitable.
-Deal w/ Wheels Up is a big legit win. Need more of those over the next 12 months to survive. It’s possible & that is the entire bet.
-April 24 shareholder meeting for rev split vote. Should pass. Has to pass for lifeline.
-Last call, made a to-do over officers buying over
$5M in shares. Most bought small amount at around
$1.34 (
$25K-
$100K)
-Co-founder’s family office bought just under
$5M at then discount & about
$1.10 / share.
-This helped get at least 1 other institutional investor also @
$1.10
Tough road ahead. High potential & very high risk. Noted “substantial doubt” of going concern
