Company: SRFM
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275795
Chunk: 4

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 424B5
Chunk 4
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 an offering exempt from registration under the Securities Act.

The shares and private placement warrants being sold in the concurrent offerings are being sold at the same price as the shares and warrants being sold in the Registered Direct Offering. The private placement warrants will have terms substantially identical to the warrants that are offered in the Registered Direct Offering (other than as regards transfer restrictions related to the private placement and that the private placement warrants will be exercisable for cash from the time of issuance).

The Notes are being sold at 87.8% of their principal amount and we will receive $65 million of proceeds before expenses for the Notes. The Notes will not accrue interest except in the event of an event of default. The Notes will accrue interest at a rate of 15% per annum upon any event of default.

In connection with the offering of the Notes and the refinancing of existing liabilities of the Company, the Company is required to cause the issuance and delivery of an irrevocable standby letter of credit in an amount equal to

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$30,000,000 to backstop the Notes (the “Letter of Credit”). The Notes contain certain representations and warranties, covenants and events of default. Upon the occurrence of certain events of default, the holders of the Notes would have the right to draw upon the letter of credit.

On the closing date for the Registered Direct Offering and the Concurrent Offerings, the Company expects to enter into an amendment to the Company’s existing reimbursement agreement, dated November 14, 2024 (as amended, the “Reimbursement Agreement”), among the Company, the subsidiaries of the Company party thereto and Park Lane Investments LLC (“Park Lane”), a related party, to add the Letter of Credit to the scope of the Reimbursement Agreement. As consideration for Park Lane's commitment to provide credit support for the Letter of Credit over a three year period, the Company will issue 2,025,000 shares of the Company's common stock to Park Lane.

Recent Developments

Essential Air Service Program and Federal Funding Developments

The Company has multi-year contracts with the United States Department of Transportation’s (“DOT”) to operate Essential Air Service (“EAS”) routes, which helps small communities in the United States maintain a minimum level of scheduled air services. During October 2025, the U.S. Department of Transportation (“DOT”) issued public notices regarding a potential lapse in appropriated funding for the Essential Air Service (“EAS”) program as a result of the federal