Company: SRFM
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001193125-25-273369
Chunk: 21

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-10
Form: 424B5
Chunk 21
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 the resale of the shares of common stock issuable upon exercise of the private placement warrants within 100 days following the closing date and to use commercially reasonable efforts to cause the applicable registration statement to become effective within 130 days following the closing date.

The Notes

The Notes will be the senior secured obligations of the Company, guaranteed by certain of the Company’s subsidiaries. The Notes are being sold at 87.8% of their principal amount and we will receive $65 million of proceeds before expenses for the Notes. The Notes will not accrue interest except in the event of an event of default. The Notes will accrue interest at a rate of 15% per annum upon any event of default. The Notes will mature on October 31, 2028, unless earlier converted, redeemed or repurchased. Repayment of any principal amount remaining outstanding at maturity will be required to be made at 105% of such principal amount.

The Notes may be converted at an initial conversion rate of shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $ per share of common stock). The conversion rate is subject to adjustment if certain events occur.

Subject to specified conditions, the Company may force the holder to convert the Notes at any time if the last reported sale price per share of the Company’s common stock equals or exceeds 150% of then current conversion price on each of the 20 consecutive trading days immediately preceding the date on which the Company delivers a forced conversion notice, in amounts (i) not less than the lesser of (x) $10,000,000 and (y) the remaining outstanding principal amount of the Note, but (ii) not greater than 2.5 times the average daily dollar trading volume of the Common Stock on the New York Stock Exchange during the related measurement period.

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The Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time upon 20 trading days’ notice in a minimum principal amount of $10 million (or, if less, the remaining principal amount of the Notes), which, solely if the conversion value of the Notes is greater than their principal amount, shall also not be greater than 2.5 times the average daily dollar trading volume of the Common Stock on the New York Stock Exchange during the related measurement period. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon