Contemplating the Uncertainty Principle
On Thursday, 27 July, Surf Air stock opened trading at only $5-per-share. As trading continued into the late morning and early afternoon, the stock’s price fell to $2.75-per-share before trading in the company was halted on account of price volatility occasioned by the stock’s freefall. On Friday, 28 July, Surf Air stock opened at a modest $2.64-per-share, a price reflecting a market capitalization of less than $500-million—well below the $1.2-billion valuation reported during a May 2023 fundraising round, but indicative, still, of an enterprise value 25-times greater than the company’s annual revenue.