Company: SRFM
Filing Date: 2025-11-24
Form Type: 424B5
Source: 0001193125-25-293741
Chunk: 8

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-24
Form: 424B5
Chunk 8
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 warrants.

Duration and Exercise Price. Each warrant has an initial exercise price per share equal to $3.32. The warrants are currently exercisable and will expire on the second anniversary of the original issuance date. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock and the exercise price. The warrants will be issued in registered certificated form only.

Exercisability. The warrants are exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise notice. A holder (together with its affiliates) may not exercise any portion of the warrant to the extent that the holder would own more than 9.99% of the outstanding common stock immediately after giving effect to the issuance of the warrant shares issuable upon exercise of the warrant (the “Beneficial Ownership Limitation”). Payment in full for the number of shares of our common stock purchased upon such exercise (except in the case of a cashless exercise as discussed below) is due the day following exercise. No fractional shares of common stock will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay cash or round up to the next whole share.

Forced Exercise. Subject to the satisfaction of equity conditions specified in the warrants and the Beneficial Ownership Limitation, we will be permitted to cause the exercise of the warrants at any time if the last closing sale price for our common stock is at or above 150% of the exercise price on each of the 20 consecutive trading days beginning after the original issuance date of the warrants and ending on the date upon which the forced exercise notice is delivered to the holder. We may not deliver more than one notice, whether a forced exercise notice with respect to a forced exercise, or a forced conversion notice with respect to the Notes, in any rolling ten day trading period.

Cashless Exercise. The warrants were initially exercisable solely on a cashless basis but will become exercisable against payment of the exercise price upon filing of this prospectus supplement registering exercise on such basis.

If at the time of exercise of any warrant there is no effective registration statement registering, or the prospectus contained therein is not available for, the issuance or resale of the shares of the common stock to be issued upon exercise of the warrants, then instead of payment of the exercise price in immediately available funds, the holder may exercise the warrant through a