Company: SRFM
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275795
Chunk: 7

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 424B5
Chunk 7
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 our past operations, cash flows, losses, financial condition, net worth or any other established criteria used to value securities. The offering price may not be indicative of the fair value of the common stock.

Because the effective offering price of our common stock is substantially higher than the net tangible book value per share of our outstanding common stock following these offerings, new investors will experience immediate and substantial dilution.

The effective offering price of our common stock is substantially higher than the net tangible book value per share of our common stock immediately following these offerings based on the total value of our tangible assets less our total liabilities. Therefore, if you purchase shares of our common stock 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 purchase common stock in these offerings.

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 Registered Direct Offering and the common stock and private placement warrants sold in the Concurrent Offerings for the funding of separately capitalized subsidiaries. We intend to use the net proceeds from the Concurrent Offerings to repay certain outstanding indebtedness. 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”.

There is no public market for the warrants being offered in the Registered Direct Offering.

There is no established public trading market for the warrants being offered in the Registered Direct Offering, and we do not expect a market to develop. In addition, we do not intend to apply to list the warrants on any securities exchange or nationally recognized trading system, including the NYSE. Without an active market, the liquidity of the warrants will be limited.

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Holders of warrants purchased in the Registered