---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-073436"
form_type: "8-K"
ticker: "SRFM"
cik: "0001936224"
company_name: "SURF AIR MOBILITY INC."
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:35:46.757558+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-073436
- form_type: 8-K
- ticker: SRFM
- cik: 0001936224
- company_name: SURF AIR MOBILITY INC.
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1936224/000095017023073436/0000950170-23-073436-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1936224/000095017023073436/srfm-20231221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-073436
- JSON: https://secwatch.observer/filing/0000950170-23-073436.json
- Plain text: https://secwatch.observer/filing/0000950170-23-073436.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1936224/000095017023073436/0000950170-23-073436-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.