Surf Air Mobility Corp., a membership-based private plane operator, has agreed to merge with a blank-check company in a deal that will give the company a market value of about $1.42 billion and help propel its expansion and plans for a fleet of hybrid electric aircraft.

The transaction with Tuscan Holdings Corp. II will provide up to $467 million in gross proceeds, including committed capital from investors such as iHeartMedia and Partners For Growth along with an equity revolver from Global Emerging Markets, according to a statement provided by the company.

Almost two years ago, Surf Air secured the funding commitment from Global Emerging Markets Group that it could tap when it went public. The deal with GEM was unusual because SPACs — and not their targets — typically take the lead role in raising any additional funds.

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