Company: SRFM
Filing Date: 2025-06-26
Form Type: 8-K
Source: 0000950170-25-090410
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Company: SURF AIR MOBILITY INC.
Filing Date: 2025-06-26
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement

Registered Direct Offering

On June 25, 2025, Surf Air Mobility, Inc. (the “ Company”) entered into a securities purchase agreement with certain investors (the “ Purchase Agreement”) relating to the offering and sale in a registered direct offering (the “ Offering”) of an aggregate of 10,800,002 shares (the “ Shares”) of the Company’s common stock, $0.0001 par value per share (the “ Common Stock”), at an offering price of $2.50, including pre-funded warrants to purchase up to 926,668 shares of Common Stock (the “ Pre-Funded Warrants”), at an offering price of $2.4999. The Offering closed on June 26, 2025 (the “ Closing Date”).

The Company received gross proceeds from the Offering of approximately $27 million before deducting placement agent fees and estimated Offering expenses. Without giving effect to the exercise of any portion of the Pre-Funded Warrants, as of June 26, 2025, the Company had 34,404,745 shares of Common Stock outstanding.

The Shares and Pre-Funded Warrants are being offered and sold to the public pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-284845) initially filed with the Securities and Exchange Commission (the “ Commission”) on March 21, 2025 and declared effective on March 26, 2025. A prospectus supplement relating to the Offering was filed with the Commission on June 26, 2025 (the “ Prospectus Supplement”).

We also issued warrants (the “ Placement Agent Warrants”) to purchase up to 540,000 shares of Common Stock to H. C. Wainwright & Co., LLC (the “ Placement Agent”) (including its designees). The Placement Agent Warrants have an exercise price equal to $3.125 per share and are exercisable for five years from the commencement of sales in the Offerings. The shares of our Common Stock issuable upon the exercise of the Placement Agent Warrants were also registered pursuant to the Prospectus Supplement.

Pursuant to an engagement letter dated as of March 18, 2025, between the Company and H. C. Wainwright & Co., LLC (the “ Placement Agent”), as amended on June 25, 2025, the Company agreed to pay the Placement Agent a total cash fee equal to