Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 196

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1B
Chunk 196
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296

        2.87

        Exercisable at December 31, 2024

        3,497,343

        9.73

        12,296

        1.92

      As of December 31, 2024, unrecognized compensation expense related to the unvested portion of the Company’s common stock warrants was approximately $0.6 million which is expected to be recognized over the weighted-average remaining vesting period of approximately 2.25 years.The assumptions used to estimate the fair value of warrants granted during the year ended December 31, 2024 and 2023 and were as follows: 

        For The Year Ended December 31,

        2024

        2023

        Risk-free interest rate
         
        3.52% - 4.43%

        —

        Expected term (in years)
         
        5.0 - 10.0

        —

        Dividend yield

        —

        —

        Expected volatility
         
        47% - 147%

        —

      Restricted Stock UnitsDuring the year ended December 31, 2023, the Company issued 31,489 shares of common stock for total compensation expense of $0.8 million as a result of the vesting of RSUs then outstanding at the time of the Company’s direct listing. During the year ended December 31, 2024, the Company issued 636,765 RSUs under the 2023 Plan to employees and non-employee directors, which vest upon the satisfaction of certain service periods. The fair value of these RSUs was determined based on the Company’s stock price the business day immediately preceding the grant date. The service period of these RSUs is satisfied over a range of 12 months to 2 years.A summary of RSU activity for the year ended December 31, 2024 is set forth below: 

        Number of RSUs

        WeightedAverageGrant Date Fair Value per RSU

        Unvested RSUs at December 31, 2023

        110,438

        $
        20.58

        Granted

        636,765

        3.53

        Vested/shares issued

        (430,540
        )

        7.10

        Forfeited, cancelled, or expired

        —

        —

        Unvested RSUs at December 31, 2024