Company: SRFM
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275795
Chunk: 23

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 424B5
Chunk 23
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 multiplied by the volume weighted average price for each day during which the Notes have a conversion value higher than their principal amount during the time between issuance and the effectiveness of a related resale registration statement may be redeemed at the holder’s option for a price equal to the underlying conversion value of the principal amount so redeemed (the “Special Redemption Price”).

Further, on March 1, 2026, the holder will have the right to require us to redeem a principal amount of the Notes equal to up to 50% of the gross proceeds from any equity financings (including from our equity line of credit or any future at-the-market (“ATM”) program) since issuance of the Notes, provided that in no event will such amount exceed (a) $6,000,000 minus (b) the sum of 50% of any Special Redemption Price paid and 50% of the principal amount of the notes converted since issuance, in each case prior to March 1, 2026.

In the event of a fundamental change, as described in the Notes and generally including (i) any person or group becoming the beneficial owner of more than 50% of the voting power represented by the Company’s outstanding common stock, (ii) the sale, transfer or other disposition of all or substantially all of the Company’s properties or assets and (iii) any transaction or series of related transactions in connection with which (whether by means of merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of the Company’s common stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or other property, the holder of the Notes will have the right to require the Company to repurchase the Note (or a portion thereof) for a cash purchase price equal to the greater of (A) 100% of the principal amount of the Notes being repurchased, plus any accrued and unpaid interest thereon and (B) the sum of (I) 110% of the product of (a) the conversion rate then in effect, (b) the principal amount of the Notes being repurchased, (c) the highest daily volume weighted average price per share of common stock occurring during the period commencing five (5) trading days prior to the earlier of (x) the effective date of such fundamental change and (y) the date that such fundamental change is publicly announced and ending on the date immediately preceding the fundamental change repurchase date and