---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-027197"
form_type: "8-K"
ticker: "SRFM"
cik: "0001936224"
company_name: "SURF AIR MOBILITY INC."
filed_at: "2024-03-06T23:59:59+00:00"
generated_at: "2026-06-05T03:04:52.470736+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Surf Air Mobility enters $35.2M mandatory convertible note with GEM, convertible into up to 8M shares

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-027197
- form_type: 8-K
- ticker: SRFM
- cik: 0001936224
- company_name: SURF AIR MOBILITY INC.
- filed_at: 2024-03-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/0000950170-24-027197-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/srfm-20240301.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-027197
- JSON: https://secwatch.observer/filing/0000950170-24-027197.json
- Plain text: https://secwatch.observer/filing/0000950170-24-027197.txt

## Key facts
- Debt Financings
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/0000950170-24-027197-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/0000950170-24-027197-index.htm

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