secwatch.observer — SEC 8-K summary
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Issuer:     SURF AIR MOBILITY INC. (SRFM)
CIK:        0001936224
Form:       8-K
Filed at:   2025-11-12T23:59:59+00:00
Accession:  0001193125-25-277566
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.03, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/0001193125-25-277566-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1936224/000119312525277566/srfm-20251112.htm
  HTML page:      https://secwatch.observer/filing/0001193125-25-277566

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer