Tuscan Holdings Corp. II (NASDAQ:THCA) announced this morning that it has mutually agreed to terminate its combination with regional air travel company Surf Air Mobility.
The press release included little other information, but an 8-K filing notes that should Surf later complete a direct listing, IPO, private sale or further SPAC transaction between now and November 14, 2025, it will issue 600,000 shares to Tuscan II and as well as either 35,000 shares or $700,000 as a termination fee.
As for Tuscan II, it continues to be the oldest SPAC that has not yet completed a deal, having IPO’d on July 12, 2019. Greencity (NASDAQ:GRCY) is the next oldest SPAC in the searching column and is more than a full year younger, having listed on July 24, 2020.
Tuscan II now faces a transaction deadline on November 30 and has already seen 84.8% of shares redeemed in five extension votes. It initially announced its $1.4 billion combination with Surf Air Mobility on May 18.
Surf Air is developing technology to electrify small passenger aircraft and agreed to merge with commuter airline Southern Airways concurrently with the close of the business combination.
The skies have been a mixed bag for air mobility SPACs, with the seven de-SPACs in the aviation and eVTOL spaces that completed deals in the past two years last closing at a median price of $4.10. But, this does include standout Eve (NYSE:EVEX), which closed Tuesday trading at $10.43 having completed its combination with Zanite in May.
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