---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-277566"
form_type: "8-K"
ticker: "SRFM"
cik: "0001936224"
company_name: "SURF AIR MOBILITY INC."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:42:21.861387+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Surf Air Mobility raises ~$85M via equity and $74M convertible note; refinances debt

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-277566
- form_type: 8-K
- ticker: SRFM
- cik: 0001936224
- company_name: SURF AIR MOBILITY INC.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/0001193125-25-277566-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-20251112.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-277566
- JSON: https://secwatch.observer/filing/0001193125-25-277566.json
- Plain text: https://secwatch.observer/filing/0001193125-25-277566.txt

## Key facts
- Debt Financings
  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
  source text: $74 million aggregate principal amount of senior secured convertible notes due 2028 (the “Note”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/0001193125-25-277566-index.htm

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