Company: SRFM
Filing Date: 2025-11-24
Form Type: 424B5
Source: 0001193125-25-293741
Chunk: 4

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-24
Form: 424B5
Chunk 4
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The effective offering price of our common stock issuable upon exercise of the warrants is substantially higher than the net tangible book value per share of our common stock immediately following exercise of the warrants based on the total value of our tangible assets less our total liabilities. Therefore, if you exercise the warrants you will experience immediate and substantial dilution. See the section of this prospectus supplement entitled “Dilution” for a more detailed discussion of the dilution you will incur if you exercise the warrants.

Because we will have broad discretion and flexibility in how the net proceeds from this offering are used, we may use the net proceeds in ways in which you disagree.

We intend to use the net proceeds from the exercise of the warrants for [the repayment of indebtedness and general corporate purposes]. We have not allocated specific amounts of the net proceeds from this offering for any of the foregoing purposes. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flow. See “Use of Proceeds”.

Substantial future sales or other issuances of our common stock could depress the market for our common stock.

Sales of a substantial number of shares of our common stock, or the perception by the market that those sales could occur, the exercise of the warrants and our private placement warrants or the conversion of the Notes could cause the market price of our common stock to decline or could make it more difficult for us to raise funds through the sale of equity in the future.

Future issuances of our common stock or our other equity securities could further depress the market for our common stock. We expect to continue incurring costs associated with research and development with respect to our software and electrification initiatives, and general and administrative costs associated with our operations, and to satisfy our funding requirements, we may need to sell additional equity securities. The sale or the proposed sale of substantial amounts of our common stock or our other equity securities may adversely affect the market price of our common stock and our stock price may decline substantially. Our stockholders may experience substantial dilution and a reduction