secwatch.observer — SEC 8-K summary
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Issuer:     SURF AIR MOBILITY INC. (SRFM)
CIK:        0001936224
Form:       8-K
Filed at:   2024-03-06T23:59:59+00:00
Accession:  0000950170-24-027197
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/0000950170-24-027197-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1936224/000095017024027197/srfm-20240301.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-027197

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