Company: SRFM
Filing Date: 2025-04-01
Form Type: 424B5
Source: 0000950170-25-048087
Chunk: 12

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-04-01
Form: 424B5
Chunk 12
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 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 December 31, 2024.

After giving effect to the issuance and sale in this offering of 1,860,000 shares of our common stock and 140,000 pre-funded warrants and after deducting placement agent fees and estimated offering expenses payable by us, our as-adjusted net tangible book value as of December 31, 2024 would have been $(138.7) million, or approximately $(7.38) per share of our common stock (assuming no exercise of the pre-funded warrants). This represents an immediate increase in net tangible book value of $1.12 per share of our common stock to our existing stockholders and an immediate dilution of $9.88 per share to purchasers of common stock in this offering, as illustrated in the following table:

| Offering price per share                                                                
 Historical net tangible book value per share as of December 31, 2024                    | $(8.45) |       $2.50 |
|:----------------------------------------------------------------------------------------|--------:|------------:|
| Increase in as-adjusted net tangible book value per share attributable to this offering |    1.12 |             |
| As-adjusted net tangible book value per share after this offering                       |         | $    (7.33) |
| Dilution per share to purchasers of common stock in this offering                       |         | $      9.83 |

The foregoing calculations are based on 17,192,557 shares of common stock outstanding as of March 28, 2025, and excludes:

2,689,131 shares of common stock issuable upon exercise of stock options outstanding as of March 28, 2025, pursuant to the Surf Air Global Limited 2016 Equity Incentive Plan (the “2016 Plan”) and the Surf Air Mobility Inc. 2023 Equity Incentive Plan (the “2023 Plan”), with a weighted average exercise price of $7.80 per share;

719,553 shares of common stock underlying restricted stock units and performance-based restricted stock units outstanding as of March 28, 2025, pursuant to the 2016 Plan and the 2023 Plan;

17,276 shares of common stock issuable upon exercise of preferred share warrants outstanding as of March 28, 2025, with a weighted average exercise price of $267.61; and

114,285 shares of common stock reserved