SURF AIR MOBILITY INC. (SRFM): debt financing — Surf Air Mobility raises ~$85M via equity and $74M convertible note; refinances debt

SURF AIR MOBILITY INC.

Raised $85M gross from registered direct offering (3.98M shares at $3.32) and private placement (2.05M shares + warrants) and $74M senior secured convertible note (net $65M).
Issued 1M shares to Palantir for ~$3.3M prepayment of license fees; additional 882K shares for total ~$6M.
Convertible note: 15% default interest, convertible at $3.98/share, redeemable; secured by assets; backed by $30M letter of credit from Park Lane.
Proceeds used to repay Comvest credit, PfG convertible, GEM Mandatory; pro forma debt $119.1M vs $96.9M pre-offerings.
EAS program funding uncertain due to federal shutdown; DOT only authorized through Nov 18, 2025.

item 1.01 item 2.03 item 3.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

SURF AIR MOBILITY INC. incurred senior notes of $74 million aggregate principal amount with certain institutional investors at will not accrue interest except in the event of an event of default maturing due 2028.

Instrument: senior notes
Principal: $74 million aggregate principal amount
Counterparty: certain institutional investors
Rate: will not accrue interest except in the event of an event of default
Maturity: due 2028
Event: incurrence

Exact text from the filing

$74 million aggregate principal amount of senior secured convertible notes due 2028 (the “Note”)

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SURF AIR MOBILITY INC. issued convertible note to institutional investors for $74 million aggregate principal amount.

Security: convertible note
Purchaser: institutional investors
Consideration: $74 million aggregate principal amount

Exact text from the filing

iii. $74 million aggregate principal amount of senior secured convertible notes due 2028 (the “Note”) in a private placement

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SURF AIR MOBILITY INC. issued 1,000,000 shares of Common Stock of common stock to Palantir Technologies Inc. for $3.32 per share.

Security: common stock
Shares: 1,000,000 shares of Common Stock
Purchaser: Palantir Technologies Inc.
Consideration: $3.32 per share

Exact text from the filing

the Company issued 1,000,000 shares of Common Stock (the “Palantir Shares”) on November 10, 2025 at a price of $3.32 per share as a prepayment of consideration for license fees

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SURF AIR MOBILITY INC. issued 2,048,195 shares of Common Stock of common stock to institutional investors for $3.32 per share and accompanying warrant.

Security: common stock
Shares: 2,048,195 shares of Common Stock
Purchaser: institutional investors
Consideration: $3.32 per share and accompanying warrant

Exact text from the filing

par value per share (the “Common Stock”) and accompanying warrants to purchase up to 3,975,901 shares of Common Stock (the “Registered Warrants”), at an offering price of $3.32 per share and accompanying warrant, in a registered direct offering (the “Registered Direct Offering”); ii. 2,048,195 shares of Common Stock (the “Private Placement Shares” and,

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

SURF AIR MOBILITY INC. issued up to 2,048,195 shares of Common Stock of warrant to institutional investors for $3.32 per share and accompanying warrant.

Security: warrant
Shares: up to 2,048,195 shares of Common Stock
Purchaser: institutional investors
Consideration: $3.32 per share and accompanying warrant

Exact text from the filing

par value per share (the “Common Stock”) and accompanying warrants to purchase up to 3,975,901 shares of Common Stock (the “Registered Warrants”), at an offering price of $3.32 per share and accompanying warrant, in a registered direct offering (the “Registered Direct Offering”); ii. 2,048,195 shares of Common Stock (the “Private Placement Shares” and,

View on SEC.gov

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

SURF AIR MOBILITY INC. filing history →

Source: SEC EDGAR

accession 0001193125-25-277566

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