SURF AIR MOBILITY INC. (SRFM): debt financing — Surf Air Mobility enters $35.2M mandatory convertible note with GEM, convertible into up to 8M shares

SURF AIR MOBILITY INC.

Par amount up to $35.2M convertible into up to 8M common shares at the lower of $4.45 fixed or a floating price.
Purchase price: 6.3M shares held by GEM (net of any sold before closing); company retains $35.2M in prior cash proceeds.
Maturity 5 years; company may redeem at 115% of par; GEM conversion capped at 4.99% beneficial ownership.
Existing $400M share subscription facility with GEM restored to full capacity, subject to prior drawdowns.
Closing expected by end of Q2 2024; registration statement for resale of up to 8M shares to be filed after 10-K.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SURF AIR MOBILITY INC. incurred convertible notes of up to $35,200,000 with GEM Global Yield LLC SCS maturing fifth anniversary of the Closing Date.

Instrument: convertible notes
Principal: up to $35,200,000
Counterparty: GEM Global Yield LLC SCS
Maturity: fifth anniversary of the Closing Date
Event: incurrence

Exact text from the filing

On March 1, 2024, Surf Air Mobility, Inc. (the “Company”) entered into a security purchase agreement (the “SPA”) with GEM Global Yield LLC SCS (“GEM”). Pursuant to the SPA, the Company has agreed to issue and sell to GEM, and GEM has agreed to purchase from the Company, a mandatory convertible security with a par amount of up to $35,200,000 (the “Mandatory Convertible Security”)

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

SURF AIR MOBILITY INC. entered into Security Purchase Agreement with GEM Global Yield LLC SCS valued at up to $35,200,000 (effective 2024-03-01).

Action: entry
Agreement: equity purchase
Counterparty: GEM Global Yield LLC SCS
Value: up to $35,200,000
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Surf Air Mobility, Inc. (the “Company”) entered into a security purchase agreement (the “SPA”) with GEM Global Yield LLC SCS (“GEM”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

SURF AIR MOBILITY INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-027197

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