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

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 424B5
Chunk 11
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 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:

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incur liens;

incur debt;

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

change the nature of our business;

pay dividends or other distributions on, redeem or repurchase capital stock

prepay, redeem, or purchase certain subordinated indebtedness

sell assets; and

make investments (including acquisitions) or certain expenditures.

If we are not in compliance with certain of these covenants, the amounts outstanding under the Notes and/or outstanding obligations under the Reimbursement Agreement may become immediately due and payable. This immediate payment may negatively impact our financial condition.

We and our subsidiaries may incur substantially more debt or take other actions which would intensify the risks discussed above.

We and our subsidiaries may be able to incur substantial additional debt in the future, subject to the restrictions contained in our debt instruments, including the Notes and our other secured debt or other secured obligations. We will not be restricted under the terms of the indenture governing the Notes offered in the Concurrent Offerings from incurring additional debt, securing then-existing or future debt or recapitalizing our debt or taking a number of other actions that are not limited by the terms of the indenture governing the notes offered in the Concurrent Offerings that could have the effect of diminishing our ability to make payments on our indebtedness when due if we obtain the consent of the holder of the Notes.

Provisions in the Notes offered in the Concurrent Offerings may deter or prevent a business combination that may be favorable to you.

If a fundamental change occurs prior to the maturity date, holders of the Notes offered in the Concurrent Offerings will have the right, at their option, to require us to repurchase all or a portion of their notes, which could include a premium over the principal amount then outstanding under certain circumstances, making it costlier for a potential acquirer to engage in such takeover. See “The Concurrent Offerings–The Notes” for further information on the terms of the fundamental change repurchase right. These and other provisions in the Notes could deter or prevent a third party from acquiring us even when the acquisition may be favorable to you.