Company: SRFM
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001193125-25-273369
Chunk: 10

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-10
Form: 424B5
Chunk 10
---
 condition by, among other things:

increasing our vulnerability to adverse economic and industry conditions;

limiting our ability to obtain additional financing on acceptable terms or at all;

requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, which will reduce the amount of cash available for other purposes;

limiting our flexibility to plan for, or react to, changes in our business;

diluting the interests of our existing stockholders as a result of issuing shares of our common stock upon conversion of the notes; and

placing us at a possible competitive disadvantage with competitors that are less leveraged than we or have better access to capital.

Our business may not generate sufficient funds, and we may otherwise be unable to maintain sufficient cash reserves, to pay amounts due under our indebtedness, including the Notes, and our cash needs may increase in the future. In addition, any future indebtedness that we may incur may contain financial and other restrictive covenants that limit our ability to operate our business, raise capital or make payments under any then-existing indebtedness. If we fail to comply with these covenants or to make payments under any then-existing indebtedness when due, then we would be in default under that indebtedness, which could, in turn, result in that and any then-existing other indebtedness becoming immediately payable in full.

Compliance with, and any failure to maintain compliance with, covenants under the Notes could harm our business, financial condition, and results of operations.

Pursuant to the terms of the Notes, we are subject to various covenants, including negative covenants that restrict our ability to engage in certain transactions, which may limit our ability to respond to changing business and economic conditions. Such negative covenants include, among other things, limitations on our ability and the ability of our subsidiaries to:

incur indebtedness;

create liens;

make investments;

declare or pay cash dividends or repurchase equity

transfer or sell material assets; and

issuing additional notes or securities in certain circumstances.

See “The Concurrent Offerings–The Notes” for further information on the covenants under the Notes.

In addition, we are subject to negative covenants under the Reimbursement Agreement, that include, among other things, limitations on our ability and the ability of our subsidiaries to:

incur liens;

<div align='center'>S-7</div>

incur debt;

merge, consolidate or transfer all or substantially all of our assets;

change the nature of our