Company: SRFM
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001193125-25-273369
Chunk: 20

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-10
Form: 424B5
Chunk 20
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THE CONCURRENT OFFERINGS</div>

Concurrently with these offerings, we are offering (i) shares of common stock and accompanying private placement warrants to purchase up to shares of common stock to the Private Placement Investors and (ii) the Notes in the aggregate principal amount of $74.0 million to the Notes Investor, each in an offering exempt from registration under the Securities Act.

We estimate that the net proceeds to us from the Concurrent Offerings will be approximately $ , after deducting our estimated offering expenses. We intend to use the net proceeds from the Concurrent Offerings, together with the proceeds from the Registered Direct Offering, as described under “Use of Proceeds.”

On November 7, 2025, we had consolidated indebtedness of $96.9 million; after giving pro forma effect to the Registered Direct Offering and the Concurrent Offerings, including application of the proceeds as described herein, as if they had occurred on November 7, 2025, we would have had consolidated indebtedness of $119.1 million and our consolidated net debt load would have decreased by 37.3%, from $139.1 million on December 31, 2024, to $87.2 million. This reflects, inter alia, that as of October 24, 2025, the Company has reduced amounts outstanding under the GEM MCS from $38.6 million on December 31, 2024 to $8.3 million.

The completion of each of the Registered Direct Offering and the Concurrent Offerings is contingent on the completion of the others. Neither the completion of the Registered Direct Offering nor the Concurrent Offerings is contingent on the completion of the Palantir Placement and the completion of the Palantir Placement is not contingent on the completion of either the Registered Direct Offering or the Concurrent Offerings. This prospectus supplement is not an offer to sell or a solicitation of an offer to buy any securities being offered in the Concurrent Offerings.

The Concurrent Offering Shares and Private Placement Warrants

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). We are required to use commercially reasonable efforts to file a registration statement registering