Surf Air Mobility Enters Binding Terms for $35.2M Convertible Debenture with GEM Global Yield

SURF AIR MOBILITY INC.

Term sheet for $35.2M mandatory convertible debenture with GEM Global Yield LLC SCS signed on Dec. 21, 2023.
Proceeds from cancellation of substantially all of GEM's freely tradeable shares in Surf Air Mobility.
GEM limited to selling no more than 10% of prior 30-day average daily volume per day for shares linked to debenture.
Company can redeem debenture at 115% of par value anytime, avoiding dilution.
GEM refreshes capacity under $400M share subscription facility, including up to $100M advance drawdowns.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SURF AIR MOBILITY INC. entered into Term Sheet with GEM Global Yield LLC SCS valued at $35,200,000 (effective 2023-12-21).

Action: entry
Agreement: notes offering
Counterparty: GEM Global Yield LLC SCS
Value: $35,200,000
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023, Surf Air Mobility Inc. (the “Company”) executed and entered into a binding term (the “Term Sheet”) related to the potential issuance (the “Transaction”) of a mandatory convertible debenture with proceeds of $35,200,000 to GEM Global Yield LLC SCS (“GEM”).

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SURF AIR MOBILITY INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-073436

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