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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317 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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