Company: SRFM
Filing Date: 2025-11-12
Form Type: 8-K
Source: 0001193125-25-277566
Chunk: 10

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 8-K
Item: Item 1.01
Chunk 10
---
. The Company monitors these developments closely and will continue to assess their potential impact on liquidity, operating results, and overall business strategy.

Outstanding Indebtedness

On November 7, 2025, the Company had consolidated indebtedness of $96.9 million; after giving pro forma effect to the Registered Direct Offering and the private placements described in Item 1.01, including application of the proceeds as described herein, as if they had occurred on that date, the Company would have had consolidated indebtedness of $119.1 million. This reflects, inter alia, reductions in (i) the outstanding principal amount of the secured convertible promissory note (the “ LamVen Note”) that the Company issued to LamVen LLC (“ LamVen”) in 2024 to refinance certain existing notes and (ii) the GEM Mandatory. The original aggregate principal amount of the LamVen Note was $50.0 million. $35 million principal amount of the LamVen Note has since been converted. On November 7, 2025, LamVen transferred $14.9 million of the remaining $15.0 million outstanding principal amount of the LamVen Note and currently holds the remaining $100,000 aggregate principal amount. The aggregate principal amount outstanding of the GEM Mandatory has been reduced from $38.6 million on December 31, 2024 to $8.3 million as of November 7, 2025.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

  Exhibit Number      Exhibit Title or Description  
 ────────────────────────────────────────────────────

   5.1      Opinion of Cleary, Gottlieb, Steen & Hamilton LLP                                                                               
  10.1      Form of Securities Purchase Agreement                                                                                           
  10.2      Form of Warrant (Registered)                                                                                                    
  10.3      Form of Warrant (Private Placement)                                                                                             
  10.4      Senior Secured Convertible Note due 2028                                                                                        
  10.5      First Amendment to Reimbursement Agreement                                                                                      
  23.1      Consent of Cleary, Gottlieb, Steen & Hamilton LLP (contained in Exhibit 5.1)                                                    
  99.1      Press Release dated November 10, 2025 ( incorporated by reference from Issuer Free Writing Prospectus dated November 10, 2025)  
   104      Cover Page Interactive Data File (embedded within the Inline XBRL