Company: SRFM
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001193125-25-273369
Chunk: 9

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-11-10
Form: 424B5
Chunk 9
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 at which we issue additional shares of our common stock, or securities convertible or exchangeable into common stock, in future transactions may be higher or lower than the price per share paid by investors in these offerings. Further, the exercise of outstanding stock options and warrants or other securities convertible into or exercisable for shares of our common stock may result in further dilution of your investment.

Risks Arising from the Concurrent Offerings

Exercise of the private placement warrants or conversion of the Notes will dilute the ownership interest of our existing stockholders or may otherwise depress the price of our common stock.

The exercise of some or all of the private placement warrants and the conversion of some or all of the Notes will dilute the ownership interests of existing stockholders. Any sales in the public market of our common stock issuable upon such exercise or conversion could adversely affect prevailing market prices of our common stock. In addition, the existence of the private placement warrants or the Notes may encourage sales of our common stock by investors who view the private placement warrants or the Notes as a more attractive means of equity participation in us and/or short selling of our common stock pursuant to hedging or arbitrage activity that we expect many investors in the private

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placement warrants or the Notes to employ. In addition, anticipated exercise of the private placement warrants or conversion of the Notes into shares of our common stock could depress the price of our common stock.

Our indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under the Notes.

We will incur $74.0 million principal amount of additional indebtedness as a result of the Concurrent Offerings, if consummated. On November 7, 2025, we had consolidated indebtedness of $96.9 million; after giving pro forma effect to these offerings and the Concurrent Offerings, including application of the proceeds as described herein, as if they had occurred on November 7, 2025, we would have had consolidated indebtedness of $119.1 million and our consolidated net debt load would have decreased by 37.3%, from $139.1 million on December 31, 2024, to $87.2 million.

We may also incur additional indebtedness (including financial liabilities) to meet future financing needs. Our indebtedness could have significant negative consequences for our stockholders and our business, results of operations and financial