Company: SRFM
Filing Date: 2025-11-24
Form Type: 424B5
Source: 0001193125-25-293741
Chunk: 10

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-24
Form: 424B5
Chunk 10
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 cash we would receive from the exercise of the warrants will decrease.

<div align='center'>S-9</div>

DILUTION If the warrants are exercised, your ownership interest will be diluted to the extent of the difference between the effective offering price per share of our common stock, the exercise price of the warrants, and the as-adjusted net tangible book value per share of our common stock immediately after exercise of the warrants. Our historical net tangible book value as of September 30, 2025 was approximately $(113.4) million, or $(2.42) per share. Net tangible book value per share is determined by dividing our total tangible assets, less total liabilities, by the number of shares of our common stock outstanding as of September 30, 2025. After giving effect to the issuance of 3,975,901 shares of our common stock issuable upon exercise of 3,975,901 warrants, our as-adjusted net tangible book value as of September 30, 2025 would have been $(100.2) million, or approximately $(1.97) per share of our common stock. This represents an immediate increase in net tangible book value of $0.45 per share of our common stock to our existing stockholders and an immediate dilution of $5.29 per share to the holders of the warrants, as illustrated in the following table.

| Offering price per share(1)                                                                      
 Historical net tangible book value per share as of June 30, 2025                                 |   $    3.32 
 $    (2.42) |
|:-------------------------------------------------------------------------------------------------|------------:|
| Increase in as-adjusted net tangible book value per share attributable to indicated transactions |   $    0.45 |
| As-adjusted net tangible book value per share after indicated transactions                       |  $   (1.97) |
| Dilution per share to the purchaser of common stock in indicated transactions                    |   $    5.29 |

(1) Equal to exercise price of warrants of $3.32 per share. The foregoing calculations are based on 46,958,089 shares of common stock outstanding as of September 30, 2025, and exclude: • 2,392,914 shares of common stock issuable upon exercise of stock options outstanding as of September 30, 2025, pursuant to the 2016 Plan and the 2023 Plan, with a weighted average exercise price of $8.25 per share; •