Company: SRFM
Filing Date: 2025-11-12
Form Type: 424B5
Source: 0001193125-25-275795
Chunk: 21

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-12
Form: 424B5
Chunk 21
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 $8.3 million.

The completion of each of the Registered Direct Offering and the Concurrent Offerings is contingent on the completion of the others. Neither the completion of the Registered Direct Offering nor the Concurrent Offerings is contingent on the completion of the Palantir Placement and the completion of the Palantir Placement is not contingent on the completion of either the Registered Direct Offering or the Concurrent Offerings. This prospectus supplement is not an offer to sell or a solicitation of an offer to buy any securities being offered in the Concurrent Offerings.

The Concurrent Offering Shares and Private Placement Warrants

The shares and private placement warrants being sold in the Concurrent Offerings are being sold at the same price as the shares and warrants being sold in the Registered Direct Offering. The private placement warrants will have terms substantially identical to the warrants that are offered in the Registered Direct Offering (other than as regards transfer restrictions related to the private placement and that the private placement warrants will be exercisable for cash from the time of issuance). We are required to use commercially reasonable efforts to file a registration statement registering the resale of the shares of common stock issuable upon exercise of the private placement warrants within 100 days following the closing date and to use commercially reasonable efforts to cause the applicable registration statement to become effective within 130 days following the closing date.

The Notes

The Notes will be the senior secured obligations of the Company, guaranteed by certain of the Company’s subsidiaries. The Notes are being sold at 87.8% of their principal amount and we will receive $65 million of proceeds before expenses for the Notes. The Notes will not accrue interest except in the event of an event of default. The Notes will accrue interest at a rate of 15% per annum upon any event of default. The Notes will mature on October 31, 2028, unless earlier converted, redeemed or repurchased. Repayment of any principal amount remaining outstanding at maturity will be required to be made at 105% of such principal amount.

The Notes may be converted at an initial conversion rate of 251.0040 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $3.984 per share of common stock). The conversion rate is subject to adjustment if certain events occur.

Subject to specified conditions, the Company may force the holder to convert the Notes at any time if the last reported sale price per share of the Company’s common stock equals or exceeds 150% of then current conversion price on each of the