Surf Air Mobility closes $35.2M mandatory convertible security; cancels 6.3M shares and restores $400M facility

SURF AIR MOBILITY INC.

Closed $35.2M mandatory convertible security with GEM, convertible into up to 8M common shares, maturing August 7, 2029.
GEM delivered 6.3M already-issued shares to cancel, reducing near-term overhang.
New volume restriction limits GEM sales to 10% of prior day's trading volume.
Company can redeem all or part of the security at 115% of par to avoid dilution.
Restored full capacity under $400M share subscription facility for future drawdowns.

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