Company: SRFM
Filing Date: 2025-04-01
Form Type: 424B5
Source: 0000950170-25-048087
Chunk: 11

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-04-01
Form: 424B5
Chunk 11
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 note accrues interest at the greater of (a) SOFR (subject to a 1.00% floor) plus 5.00% and (b) 9.75%, and matures on December 31, 2028. All unpaid principal and interest balances may be converted into shares of the Company’s common stock, at the option of the holder, at a price equal to $42.

$750,000 to Park Lane Investments LLC (“Park Lane”) pursuant to that certain Reimbursement Agreement, dated November 14, 2024, among the Company, the subsidiaries of the Company party thereto and Park Lane (the “Park Lane Agreement”). The Park Lane was entered into in connection with the letter of credit issued by Park Lane to backstop the Company’s credit agreement, such that if the letter of credit is drawn upon, the Company will be required to reimburse Park Lane for the drawn amount of the letter of credit and pay interest to Park Lane at 15.00% per annum on such drawn amounts (subject to increase in the event of default). The Company is separately obligated to pay a fee of 1.00% per annum to Park Lane on the outstanding face amount of the backstop letter of credit. In the event the Company raises capital in certain equity offerings such as this offering, a portion of the net cash proceeds from such equity offerings is required to be remitted to Park Lane to be held in trust in accordance with the Reimbursement Agreement.

We intend to use the remainder of the net proceeds from the Offering for general corporate purposes.

As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses for the net proceeds to us from the sale of the shares of our common stock and pre-funded warrants offered by us hereunder. Accordingly, our management will have broad discretion in the timing and application of these proceeds. Pending application of the net proceeds as described above, we intend to temporarily invest the proceeds in short-term, interest-bearing instruments.

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DILUTION</div>

If you invest in our securities in this offering, your ownership interest will be diluted to the extent of the difference between the offering price per share of our common stock and the as-adjusted net tangible book value per share of our common stock immediately after this offering.

Our historical net tangible book value as of December 31, 2024 was approximately $(143.1) million, or $(8.45) per share. Net tangible book value