# EDGAR Filing Document

**Accession Number:** 0001936224
**File Stem:** 0000000000-23-002368
**Filing Date:** 2023-3
**Character Count:** 41038
**Document Hash:** 8797ec4a3e410e25c9226a86e8cb6895
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002368.hdr.sgml**: 20230822

**ACCESSION NUMBER**: 0000000000-23-002368

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230310

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SURF AIR MOBILITY INC.
- **CENTRAL INDEX KEY:** 0001936224
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, NONSCHEDULED [4522]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 12111 S. CRENSHAW BLVD.
- **CITY:** HAWTHORNE
- **STATE:** CA
- **ZIP:** 90250
- **BUSINESS PHONE:** 310-365-3675

**MAIL ADDRESS:**
- **STREET 1:** 12111 S. CRENSHAW BLVD.
- **CITY:** HAWTHORNE
- **STATE:** CA
- **ZIP:** 90250
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-22-072948

## Text-Extract

```

United States securities and exchange commission logo

                               March 10, 2023

       Sudhin Shahani
       Chief Executive Officer
       SURF AIR MOBILITY INC.
       12111 S. Crenshaw Blvd.
       Hawthorne, CA 90250

                                                        Re: SURF AIR MOBILITY
INC.
                                                            Amendment No. 1 to
Draft Registration Statement on Form S-1
                                                            Submitted February
9, 2023
                                                            CIK 0001936224

       Dear Sudhin Shahani:

              We have reviewed your draft registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Amendment No. 1 to Draft Registration Statement on Form S-1 submitted
February 9, 2023

       Cover Page

   1.                                                   On page 158, footnote 4
to the Principal and Registered Stockholders table indicates that
                                                        this registration
statement is intended to cover the resale of several categories of shares
                                                        that have not yet been
issued and will not be issued until the direct listing occurs or later.
                                                        For each category,
please provide a detailed legal analysis explaining why you believe it is
                                                        appropriate to register
the resale of those shares pursuant to this registration statement. In
                                                        formulating your
response, please consider Questions 139.06 and 139.11 of our Securities
                                                        Act Sections Compliance
and Disclosure Interpretations.
   2.                                                   Please revise your
cover page to disclose whether the initial listing of your common stock
                                                        on the NYSE is
conditioned on the Internal Reorganization and/or the Southern
 Sudhin Shahani
FirstName
SURF AIRLastNameSudhin
            MOBILITY INC.Shahani
Comapany
March      NameSURF AIR MOBILITY INC.
       10, 2023
March2 10, 2023 Page 2
Page
FirstName LastName
         Acquisition. Please also revise the disclosures in your prospectus
summary and risk
         factors accordingly.
3.       We note your disclosure on page 165 that "[p]rior to the initial
listing, no public market
         existed for [your] Common Stock and [your] Common Stock had no history
of trading in
         private transactions." However, on the cover page you state that
"[t]here is only a limited
         history of trading in [your] Common Stock in private transactions,"
and you indicate that
         you will provide the high and low sale price per share of your common
stock for such
         private transactions for a certain period of time. Please revise your
disclosure throughout
         the prospectus to clarify these inconsistencies. If there is no
history of trading in your
         common stock in private placement transactions prior to listing,
please explain and make
         this clear.
Prospectus Summary, page 6

4.       Please include a diagram showing your corporate structure immediately
prior to and after
         your initial listing.
Recent Developments
Second Amended and Restated Share Subscription Facility, page 9

5.       We note your disclosure on page 131 that under the terms of the Share
Subscription
         Facility, GEM will purchase the shares at a per-share amount equal to
90% of the volume
         weighted average trading price during the draw down pricing period.
Please also
         include this disclosure here.
Risk Factors, page 19

6.       We note the Ninth Circuit Court of Appeals decision in Pirani v. Slack
Technologies, Inc.,
         No. 20-16419 (9th Cir. 2021) addressing whether a plaintiff is
required to trace their
         purchase of shares to the shares registered pursuant to the
registration statement in a direct
         listing. Please tell us what consideration you have given to including
a risk factor
         discussing the differences a tracing requirement could pose to
securities liability
         challenges brought under Section 11 for a direct listing versus a
traditional IPO and the
         impact that it would have on the company and potential investors.
SAM's collaboration with TAI for development of hybrid-electric powertrains for
the Cessna
Grand Caravan EX and SAM   s relationship with TAI, page 35

7.       Please revise to disclose that the effectiveness of your agreements
with TAI are contingent
         upon your shares being publicly traded on a U.S. national securities
exchange.
If we are unable to obtain and maintain adequate facilities and infrastructure,
including securing
access to key infrastructure, page 37

8.       We note your disclosure that Surf Air and Southern lease and license
access to passenger
         terminal infrastructure from airport operators in the markets in which
they operate, and
 Sudhin Shahani
FirstName
SURF AIRLastNameSudhin
            MOBILITY INC.Shahani
Comapany
March      NameSURF AIR MOBILITY INC.
       10, 2023
March3 10, 2023 Page 3
Page
FirstName LastName
         that, while in the past Surf Air and Southern have entered into
multi-year use and
         occupancy agreements that have led to long-term uninterrupted usage,
there can be no
         assurance that will remain the case if utilization of and competition
for the capacity of
         these facilities increases in the future. Please disclose the material
terms of these multi-
         year and occupancy agreements. In addition, file copies of these
agreements as exhibits to
         your registration statement, or tell us why you do not believe they
are material agreements
         required to be filed pursuant to Item 601(b)(10) of Regulation S-K.
Surf Air has previously defaulted on its debt obligations and there can be no
assurance that SAM
will be able to fulfill its obligations, page 44

9.       Please revise to disclose Surf Air's prior defaults on its debt
obligations. We note your
         disclosure on page 83.
Continued access to Essential Air Service revenue is of critical importance to
Southern and
SAM, page 53

10.      We note your disclosure that a reduction of EAS revenue, a loss of EAS
contracts or a
         change to or termination of the EAS program could have a material
adverse effect on your
         business, financial condition and results of operation. Please
disclose the material terms
         of these EAS contracts. In addition, file copies of these agreements
as exhibits to your
         registration statement, or tell us why you do not believe they are
material agreements
         required to be filed pursuant to Item 601(b)(10) of Regulation S-K.
The provisions of our Amended and Restated Certificate of Incorporation
requiring exclusive
forum in the Court of Chancery, page 56

11.      We note your disclosure that your Amended and Restated Certificate of
Incorporation
         provides that unless SAM consents in writing to the selection of an
alternative forum, the
         Court of Chancery of the State of Delaware (or, in the event that the
Chancery Court does
         not have jurisdiction, the federal district court for the District of
Delaware or other state
         courts of the State of Delaware) will be the sole and exclusive forum
for certain actions,
         including derivative actions. However, we note that this provision
does not apply to
         Securities Act claims based on your disclosure that your Amended and
Restated
         Certificate of Incorporation provides that federal district courts
will be the sole and
         exclusive forum for claims under the Securities Act. Please disclose
whether this
         provision applies to actions arising under the Exchange Act. In that
regard, we note that
         Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought
         to enforce any duty or liability created by the Exchange Act or the
rules and regulations
         thereunder. If this provision does not apply to actions arising under
the Exchange Act,
         please also ensure that the exclusive forum provision in your Amended
and Restated
         Certificate of Incorporation states this clearly.
 Sudhin Shahani
FirstName
SURF AIRLastNameSudhin
            MOBILITY INC.Shahani
Comapany
March      NameSURF AIR MOBILITY INC.
       10, 2023
March4 10, 2023 Page 4
Page
FirstName LastName
Our listing differs significantly from a traditional underwritten initial
public offering, page 57

12.      We note several statements here and elsewhere throughout your
prospectus that there
            will be no underwriters    or that the your "financial advisors are
not acting as an
         underwriters." Please note that whether the financial advisors would
be considered
         statutory underwriters requires an analysis of the facts and
circumstances. Therefore,
         please revise all of these references that imply the absence of
underwriters, or that your
         financial advisors are not considered underwriters, to clarify instead
that the direct listing
         does not involve a firm commitment underwriting.
Risks Related to Ownership of Our Common Stock, page 57

13.      Please add a risk factor addressing the aggregate dilutive impact of
the Conversions, the
         Tuscan Payment, the Southern Acquisition, the Share Subscription
Facility, the SAFE
         Settlement and the Advisor Accruals on your shareholders.
Special Note Regarding Forward-Looking Statements, page 68

14.      We note your references to forward-looking statements within the
meaning of the Private
         Securities Litigation Reform Act of 1995. Please be advised that the
safe harbor for
         forward-looking statements is inapplicable in this context because you
are not currently a
         reporting company. See Section 27A(a)(1) of the Securities Act.
Therefore, please either
         delete all references to the Private Securities Litigation Reform Act
or make it clear that
         the safe harbor does not apply to this offering.
Market and Industry Data, page 70

15.      We note your use of industry and market data in your prospectus,
including your
         prospectus summary and business sections, which appear derived from
industry sources,
         including "a 2019 study conducted by a third-party consulting firm"
and "a study
         conducted by a third-party consulting firm, using 2019 U.S. mobile
device data." Please
         revise to include the names, dates and sources of these studies or
reports. Please also
         provide us with supplemental support, or in the alternative provide
citations, for all
         statements that relate to your competitive position within your
industry or your market
         opportunity. To the extent that you commissioned any of the
third-party data that you use
         in the prospectus, also provide the consent of the third-party in
accordance with Rule 436.
Surf Air's Management's Discussion and Analysis of Financial Condition and
Results of
Operations
Results of Operations
Results of Surf Air's Operations for the Six Months Ended June 30, 2022 and
2021, page 77

16.      Provide a discussion and analysis of changes in fair value of
financial instruments carried
         at fair value, gain on extinguishment of debt, and net loss for the
six months ended June
         30, 2022 and 2021, as the changes in these line items are material for
the periods
 Sudhin Shahani
FirstName
SURF AIRLastNameSudhin
            MOBILITY INC.Shahani
Comapany
March      NameSURF AIR MOBILITY INC.
       10, 2023
March5 10, 2023 Page 5
Page
FirstName LastName
         presented. Also, discuss the change in net loss for the year ended
December 31, 2021 and
         2020. Refer to Item 303 of Regulation S-K.
Liquidity and Capital Resources, page 84

17.      Please disclose your commitments for capital expenditures as of the
end of the latest fiscal
         period. Refer to Item 303(b)(1)(ii)(A).
Southern's Management's Discussion and Analysis of Financial Condition and
Results of
Operations
Results of Southern's Operations for the Six Months Ended June 30, 2022 and
2021, page 91

18.      Provide a discussion and analysis of changes in net income (loss) for
each period
         presented. Refer to Item 303 of Regulation S-K.
Internal Reorganization, Southern Acquisition and related transactions, page
101

19.      We note your disclosure that the Company entered Simple Agreements for
Future Equity
         (   SAFEs   ) for an aggregate amount of approximately $49 million,
which provide, among
         other things, for the conversion of such SAFEs into shares of common
stock of SAM in
         connection with the listing of SAM. Please revise to describe the
pricing terms for the
         shares issuable under these agreements.
Unaudited Pro Forma Condensed Combined Financial Information
Notes to Unaudited Pro Forma Condensed Combined Financial Statements
4. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information,
page 110

20.      Expand your disclosure in pro forma adjustment c) to describe the
valuation techniques
         and inputs used to determine the preliminary acquisition-date fair
values for acquired EAS
         contracts, trademarks and tradenames, including how you determined the
estimated useful
         lives of those assets.
21.      Disclose the computations of the amounts and the related shares, as
applicable, for the pro
         forma adjustments f) and g) in the notes to unaudited pro forma
condensed combined
         financial information. Also, disclose the applicable tax rates that
support your income tax
         adjustment k).
Large Addressable Market, page 117

22.      We note your disclosure that the initial result of your alternative
approach to create a high
         granularity    zip-code to zip-code    view of demand based on mobile
device location
         data showed that 4.7 billion implied trips were taken during 2019 in
the United States
         between 50 and 500 miles across all modes of transportation, and that
converting only 1%
         of these trips, which you believe is a conservative assumption, and
assuming additional
         market catalyzation driven by the provision of a high frequency, green
flying
         solution, implies there is an approximate $22 billion to $33 billion
opportunity for point-
 Sudhin Shahani
FirstName
SURF AIRLastNameSudhin
            MOBILITY INC.Shahani
Comapany
March      NameSURF AIR MOBILITY INC.
       10, 2023
March6 10, 2023 Page 6
Page
FirstName LastName
         to-point regional air mobility solutions in the United States by 2030.
We also note your
         disclosure that by applying a similar market assessment approach used
to analyze the $30
         billion U.S. market opportunity to other regions, you believe there is
an additional
         approximate $22 billion to $34 billion and approximate $92 billion to
$139 billion
         opportunity in the European Union and rest of the world, respectively,
by 2030. Please
         provide us with supplemental support for these statements and clarify
that these figures
         relate to the estimated total market size for point-to-point regional
air mobility solutions
         and not your share of the market.
Key Agreements, page 127

23.      You disclose that on September 15, 2022, SAM entered into the APA with
TAI, pursuant
         to which, SAM will purchase 100 specifically configured Caravans
having an aggregate
         purchase price in excess of $300 million, with an option to purchase
an additional 50
         specifically configured Caravans having an aggregate purchase price in
excess of
         $150 million, over the course of 7 years. Please file a copy of this
agreement as an
         exhibit to your registration statement, or tell us why you do not
believe it is a material
         agreement required to be filed pursuant to Item 601(b)(10) of
Regulation S-K.
Executive Compensation
2023 Equity Incentive Plan, page 149

24.      We note your disclosure that you expect your board of directors to
adopt a 2023 Equity
         Incentive Plan prior to the consummation of this listing. Please file
a copy of your form
         of 2023 Equity Incentive Plan as an exhibit to this registration
statement when it is
         available.
Principal and Registered Stockholders, page 158

25.      Please update your beneficial ownership table to provide information
as of the most recent
         practicable date. Refer to Item 403 of Regulation S-K.
Sales Price History of our Capital Stock, page 165

26.      We note your disclosure that the valuation presented in the table
included here was
         prepared by SAM and its financial advisors and is not indicative of
the future trading price
         of the Common Stock or the "valuation to be prepared by an independent
third party."
         Please clarify whether the valuation to be prepared by independent
third party refers to the
         valuation required under NYSE rules or a different valuation.
Plan of Distribution, page 172

27.      We note your disclosure here and elsewhere in your prospectus that you
have engaged
         Morgan Stanley & Co. LLC and other unidentified financial advisors to
advise and assist
         you with respect to certain matters relating to the registration of
your common stock and
         our listing. Please identify your other financial advisors.
 Sudhin Shahani
FirstName
SURF AIRLastNameSudhin
            MOBILITY INC.Shahani
Comapany
March      NameSURF AIR MOBILITY INC.
       10, 2023
March7 10, 2023 Page 7
Page
FirstName LastName
28.      As the timing between the Other Transactions and the direct listing is
not entirely clear,
         please explain the interplay between the Other Transactions and the
NYSE price
         discovery process discussed in this section. Your disclosure should
explain the precise
         order and mechanics of the events that will occur to effect the
contemplated transactions.
29.      Please be advised that we are continuing to evaluate certain
disclosures in this section and
         may have additional comments in the future.
Audited Financial Statements for Surf Air Global Limited as of December 31,
2021 and 2020
and for the Years Ended December 31, 2021 and 2020
Notes to Consolidated Financial Statements
Note 2. Summary of Significant Accounting Policies
Impairment of Long-Lived Assets, page F-33

30.      We note your disclosure that during the years ended December 31, 2021
and 2020, no
         impairment charge has been recorded. Expand your disclosure to clarify
whether you
         performed an impairment analysis during fiscal years 2020 and 2021 and
whether any
         impairment indicators were identified.
SAFE and Convertible Notes at Fair Value, page F-39

31.      We note that the Company elected the fair value option for the
convertible notes.
         Furthermore, we note that under certain circumstances the conversion
rate is subject to
         adjustment upon the occurrence of certain events. Please tell us what
consideration was
         given to ASC 815-15 in assessing whether the conversion features of
these
         convertible notes should be accounted for as a derivative.
General

32.      Please provide us with supplemental copies of all written
communications, as defined in
         Rule 405 under the Securities Act, that you, or anyone authorized to
do so on your behalf,
         have presented or expect to present to potential investors in reliance
on Section 5(d) of the
         Securities Act, whether or not you retained, or intend to retain,
copies of the
         communications.
 Sudhin Shahani
SURF AIR MOBILITY INC.
March 10, 2023
Page 8

        You may contact Yolanda Guobadia, Staff Accountant, at 202-551-3562 or
Robert
Babula, Staff Accountant, at 202-551-3339 if you have questions regarding
comments on the
financial statements and related matters. Please contact Irene
Barberena-Meissner, Staff
Attorney, at 202-551-6548 or Mitchell Austin, Acting Legal Branch Chief, at
202-551-3574 with
any other questions.

                                                         Sincerely,
FirstName LastNameSudhin Shahani
                                                         Division of
Corporation Finance
Comapany NameSURF AIR MOBILITY INC.
                                                         Office of Energy &
Transportation
March 10, 2023 Page 8
cc:       Jeeho Lee, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![LOGO]

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

March 10, 2023

Sudhin Shahani
Chief Executive Officer
SURF AIR MOBILITY INC.
12111 S. Crenshaw Blvd.
Hawthorne, CA 90250

**Re: SURF AIR MOBILITY INC.**

**Amendment No. 1 to Draft Registration Statement on Form S-1
Submitted February 9, 2023
CIK 0001936224**

Dear Sudhin Shahani:

We have reviewed your draft registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Amendment No. 1 to Draft Registration Statement on Form S-1 submitted February 9, 2023

Cover Page

1. On page 158, footnote 4 to the Principal and Registered Stockholders table indicates that this registration statement is intended to cover the resale of several categories of shares that have not yet been issued and will not be issued until the direct listing occurs or later. For each category, please provide a detailed legal analysis explaining why you believe it is appropriate to register the resale of those shares pursuant to this registration statement. In formulating your response, please consider Questions 139.06 and 139.11 of our Securities Act Sections Compliance and Disclosure Interpretations.
2. Please revise your cover page to disclose whether the initial listing of your common stock on the NYSE is conditioned on the Internal Reorganization and/or the Southern

Sudhin Shahani  
SURF AIR MOBILITY INC.  
March 10, 2023  
Page 2

Acquisition. Please also revise the disclosures in your prospectus summary and risk factors accordingly.

3. We note your disclosure on page 165 that '[p]rior to the initial listing, no public market existed for [your] Common Stock and [your] Common Stock had no history of trading in private transactions.' However, on the cover page you state that '[t]here is only a limited history of trading in [your] Common Stock in private transactions,' and you indicate that you will provide the high and low sale price per share of your common stock for such private transactions for a certain period of time. Please revise your disclosure throughout the prospectus to clarify these inconsistencies. If there is no history of trading in your common stock in private placement transactions prior to listing, please explain and make this clear.

# Prospectus Summary, page 6

4. Please include a diagram showing your corporate structure immediately prior to and after your initial listing.

# Recent Developments

# Second Amended and Restated Share Subscription Facility, page 9

5. We note your disclosure on page 131 that under the terms of the Share Subscription Facility, GEM will purchase the shares at a per-share amount equal to 90% of the volume weighted average trading price during the draw down pricing period. Please also include this disclosure here.

# Risk Factors, page 19

6. We note the Ninth Circuit Court of Appeals decision in *Pirani v. Slack Technologies, Inc.*, No. 20-16419 (9th Cir. 2021) addressing whether a plaintiff is required to trace their purchase of shares to the shares registered pursuant to the registration statement in a direct listing. Please tell us what consideration you have given to including a risk factor discussing the differences a tracing requirement could pose to securities liability challenges brought under Section 11 for a direct listing versus a traditional IPO and the impact that it would have on the company and potential investors.

# SAM's collaboration with TAI for development of hybrid-electric powertrains for the Cessna Grand Caravan EX and SAM's relationship with TAI, page 35

7. Please revise to disclose that the effectiveness of your agreements with TAI are contingent upon your shares being publicly traded on a U.S. national securities exchange.

# If we are unable to obtain and maintain adequate facilities and infrastructure, including securing access to key infrastructure, page 37

8. We note your disclosure that Surf Air and Southern lease and license access to passenger terminal infrastructure from airport operators in the markets in which they operate, and

Sudhin Shahani  
SURF AIR MOBILITY INC.  
March 10, 2023  
Page 3

that, while in the past Surf Air and Southern have entered into multi-year use and occupancy agreements that have led to long-term uninterrupted usage, there can be no assurance that will remain the case if utilization of and competition for the capacity of these facilities increases in the future. Please disclose the material terms of these multi-year and occupancy agreements. In addition, file copies of these agreements as exhibits to your registration statement, or tell us why you do not believe they are material agreements required to be filed pursuant to Item 601(b)(10) of Regulation S-K.

Surf Air has previously defaulted on its debt obligations and there can be no assurance that SAM will be able to fulfill its obligations, page 44

9. Please revise to disclose Surf Air's prior defaults on its debt obligations. We note your disclosure on page 83.

Continued access to Essential Air Service revenue is of critical importance to Southern and SAM, page 53

10. We note your disclosure that a reduction of EAS revenue, a loss of EAS contracts or a change to or termination of the EAS program could have a material adverse effect on your business, financial condition and results of operation. Please disclose the material terms of these EAS contracts. In addition, file copies of these agreements as exhibits to your registration statement, or tell us why you do not believe they are material agreements required to be filed pursuant to Item 601(b)(10) of Regulation S-K.

The provisions of our Amended and Restated Certificate of Incorporation requiring exclusive forum in the Court of Chancery, page 56

11. We note your disclosure that your Amended and Restated Certificate of Incorporation provides that unless SAM consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, in the event that the Chancery Court does not have jurisdiction, the federal district court for the District of Delaware or other state courts of the State of Delaware) will be the sole and exclusive forum for certain actions, including derivative actions. However, we note that this provision does not apply to Securities Act claims based on your disclosure that your Amended and Restated Certificate of Incorporation provides that federal district courts will be the sole and exclusive forum for claims under the Securities Act. Please disclose whether this provision applies to actions arising under the Exchange Act. In that regard, we note that Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. If this provision does not apply to actions arising under the Exchange Act, please also ensure that the exclusive forum provision in your Amended and Restated Certificate of Incorporation states this clearly.

Sudhin Shahani  
SURF AIR MOBILITY INC.  
March 10, 2023  
Page 4

# Our listing differs significantly from a traditional underwritten initial public offering, page 57

12. We note several statements here and elsewhere throughout your prospectus that there 'will be no underwriters' or that the your 'financial advisors are not acting as an underwriters.' Please note that whether the financial advisors would be considered statutory underwriters requires an analysis of the facts and circumstances. Therefore, please revise all of these references that imply the absence of underwriters, or that your financial advisors are not considered underwriters, to clarify instead that the direct listing does not involve a firm commitment underwriting.

# Risks Related to Ownership of Our Common Stock, page 57

13. Please add a risk factor addressing the aggregate dilutive impact of the Conversions, the Tuscan Payment, the Southern Acquisition, the Share Subscription Facility, the SAFE Settlement and the Advisor Accruals on your shareholders.

# Special Note Regarding Forward-Looking Statements, page 68

14. We note your references to forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please be advised that the safe harbor for forward-looking statements is inapplicable in this context because you are not currently a reporting company. See Section 27A(a)(1) of the Securities Act. Therefore, please either delete all references to the Private Securities Litigation Reform Act or make it clear that the safe harbor does not apply to this offering.

# Market and Industry Data, page 70

15. We note your use of industry and market data in your prospectus, including your prospectus summary and business sections, which appear derived from industry sources, including 'a 2019 study conducted by a third-party consulting firm' and 'a study conducted by a third-party consulting firm, using 2019 U.S. mobile device data.' Please revise to include the names, dates and sources of these studies or reports. Please also provide us with supplemental support, or in the alternative provide citations, for all statements that relate to your competitive position within your industry or your market opportunity. To the extent that you commissioned any of the third-party data that you use in the prospectus, also provide the consent of the third-party in accordance with Rule 436.

# Surf Air's Management's Discussion and Analysis of Financial Condition and Results of Operations

# Results of Operations

# Results of Surf Air's Operations for the Six Months Ended June 30, 2022 and 2021, page 77

16. Provide a discussion and analysis of changes in fair value of financial instruments carried at fair value, gain on extinguishment of debt, and net loss for the six months ended June 30, 2022 and 2021, as the changes in these line items are material for the periods

Sudhin Shahani
SURF AIR MOBILITY INC.
March 10, 2023
Page 5

presented. Also, discuss the change in net loss for the year ended December 31, 2021 and 2020. Refer to Item 303 of Regulation S-K.

Liquidity and Capital Resources, page 84

17. Please disclose your commitments for capital expenditures as of the end of the latest fiscal period. Refer to Item 303(b)(1)(ii)(A).

Southern's Management's Discussion and Analysis of Financial Condition and Results of Operations

Results of Southern's Operations for the Six Months Ended June 30, 2022 and 2021, page 91

18. Provide a discussion and analysis of changes in net income (loss) for each period presented. Refer to Item 303 of Regulation S-K.

Internal Reorganization, Southern Acquisition and related transactions, page 101

19. We note your disclosure that the Company entered Simple Agreements for Future Equity ("SAFEs") for an aggregate amount of approximately $49 million, which provide, among other things, for the conversion of such SAFEs into shares of common stock of SAM in connection with the listing of SAM. Please revise to describe the pricing terms for the shares issuable under these agreements.

Unaudited Pro Forma Condensed Combined Financial Information

Notes to Unaudited Pro Forma Condensed Combined Financial Statements

4. Adjustments to Unaudited Pro Forma Condensed Combined Financial Information, page 110

20. Expand your disclosure in pro forma adjustment c) to describe the valuation techniques and inputs used to determine the preliminary acquisition-date fair values for acquired EAS contracts, trademarks and tradenames, including how you determined the estimated useful lives of those assets.

21. Disclose the computations of the amounts and the related shares, as applicable, for the pro forma adjustments f) and g) in the notes to unaudited pro forma condensed combined financial information. Also, disclose the applicable tax rates that support your income tax adjustment k).

Large Addressable Market, page 117

22. We note your disclosure that the initial result of your alternative approach to create a high granularity "zip-code to zip-code" view of demand based on mobile device location data showed that 4.7 billion implied trips were taken during 2019 in the United States between 50 and 500 miles across all modes of transportation, and that converting only 1% of these trips, which you believe is a conservative assumption, and assuming additional market catalyzation driven by the provision of a high frequency, green flying solution, implies there is an approximate $22 billion to $33 billion opportunity for point-

Sudhin Shahani  
SURF AIR MOBILITY INC.  
March 10, 2023  
Page 6

to-point regional air mobility solutions in the United States by 2030. We also note your disclosure that by applying a similar market assessment approach used to analyze the $30 billion U.S. market opportunity to other regions, you believe there is an additional approximate $22 billion to $34 billion and approximate $92 billion to $139 billion opportunity in the European Union and rest of the world, respectively, by 2030. Please provide us with supplemental support for these statements and clarify that these figures relate to the estimated total market size for point-to-point regional air mobility solutions and not your share of the market.

# Key Agreements, page 127

23. You disclose that on September 15, 2022, SAM entered into the APA with TAI, pursuant to which, SAM will purchase 100 specifically configured Caravans having an aggregate purchase price in excess of $300 million, with an option to purchase an additional 50 specifically configured Caravans having an aggregate purchase price in excess of $150 million, over the course of 7 years. Please file a copy of this agreement as an exhibit to your registration statement, or tell us why you do not believe it is a material agreement required to be filed pursuant to Item 601(b)(10) of Regulation S-K.

# Executive Compensation

# 2023 Equity Incentive Plan, page 149

24. We note your disclosure that you expect your board of directors to adopt a 2023 Equity Incentive Plan prior to the consummation of this listing. Please file a copy of your form of 2023 Equity Incentive Plan as an exhibit to this registration statement when it is available.

# Principal and Registered Stockholders, page 158

25. Please update your beneficial ownership table to provide information as of the most recent practicable date. Refer to Item 403 of Regulation S-K.

# Sales Price History of our Capital Stock, page 165

26. We note your disclosure that the valuation presented in the table included here was prepared by SAM and its financial advisors and is not indicative of the future trading price of the Common Stock or the 'valuation to be prepared by an independent third party.' Please clarify whether the valuation to be prepared by independent third party refers to the valuation required under NYSE rules or a different valuation.

# Plan of Distribution, page 172

27. We note your disclosure here and elsewhere in your prospectus that you have engaged Morgan Stanley & Co. LLC and other unidentified financial advisors to advise and assist you with respect to certain matters relating to the registration of your common stock and our listing. Please identify your other financial advisors.

Sudhin Shahani
SURF AIR MOBILITY INC.
March 10, 2023
Page 7

28. As the timing between the Other Transactions and the direct listing is not entirely clear, please explain the interplay between the Other Transactions and the NYSE price discovery process discussed in this section. Your disclosure should explain the precise order and mechanics of the events that will occur to effect the contemplated transactions.

29. Please be advised that we are continuing to evaluate certain disclosures in this section and may have additional comments in the future.

Audited Financial Statements for Surf Air Global Limited as of December 31, 2021 and 2020 and for the Years Ended December 31, 2021 and 2020

Notes to Consolidated Financial Statements

Note 2. Summary of Significant Accounting Policies

Impairment of Long-Lived Assets, page F-33

30. We note your disclosure that during the years ended December 31, 2021 and 2020, no impairment charge has been recorded. Expand your disclosure to clarify whether you performed an impairment analysis during fiscal years 2020 and 2021 and whether any impairment indicators were identified.

SAFE and Convertible Notes at Fair Value, page F-39

31. We note that the Company elected the fair value option for the convertible notes. Furthermore, we note that under certain circumstances the conversion rate is subject to adjustment upon the occurrence of certain events. Please tell us what consideration was given to ASC 815-15 in assessing whether the conversion features of these convertible notes should be accounted for as a derivative.

General

32. Please provide us with supplemental copies of all written communications, as defined in Rule 405 under the Securities Act, that you, or anyone authorized to do so on your behalf, have presented or expect to present to potential investors in reliance on Section 5(d) of the Securities Act, whether or not you retained, or intend to retain, copies of the communications.

Sudhin Shahani
SURF AIR MOBILITY INC.
March 10, 2023
Page 8

You may contact Yolanda Guobadia, Staff Accountant, at 202-551-3562 or Robert Babula, Staff Accountant, at 202-551-3339 if you have questions regarding comments on the financial statements and related matters. Please contact Irene Barberena-Meissner, Staff Attorney, at 202-551-6548 or Mitchell Austin, Acting Legal Branch Chief, at 202-551-3574 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Energy & Transportation

cc: Jeeho Lee, Esq.