Surf Air Mobility Announces $15 Million Registered Direct Offering of Common Stock And New $15 Million Asset-Backed Loan
Surf Air Mobility Inc. (NYSE:SRFM) ("Surf Air Mobility", or the "Company"), a leading air mobility platform, announced today that it has entered into a securities purchase agreement with certain institutional investors, and led by Surf Air Mobility's Co-Founder, for the purchase and sale of 13,318,181 shares of common stock at a purchase price of $1.10 per share in a registered direct offering. In addition, certain directors and officers of the Company have separately agreed to purchase 257,353 shares of common stock in the offering at a purchase price of $1.36 per share, the official New York Stock Exchange closing price for the common stock on April 17, 2026 (collectively, the "Offering"). The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
The gross proceeds to the Company from the Offering are expected to be approximately $15 million, before deducting financial advisor's fees and other Offering expenses payable by the Company. The Company currently intends to use the net proceeds from the Offering to accelerate the implementation of our SurfOS software and electrification initiatives and/or the repayment of existing liabilities.
Simultaneously, the Company entered into a non-dilutive $15 million promissory note backed by the equity in the Company's aircraft. Within 90 days, the Company will pay an origination fee in the amount of $1.5 million, which shall be payable in cash or shares of the Company's common stock at the Company's election. Outstanding principal will bear interest at 12.5%, payable monthly in cash or shares at the Company's election.
A.G.P./Alliance Global Partners is acting as financial advisor.
The securities offered in the Offering have been offered and sold by the Company pursuant to a "shelf" registration statement on Form S-3 (Registration No. 333-291485), including a base prospectus, previously filed with the Securities and Exchange Commission (the "SEC") on November 13, 2025, as amended on November 17, 2025 and declared effective by the SEC on November 19, 2025. The offering of the securities to be issued in the Offering has been made only by means of a prospectus that forms a part of the effective registration statement. A final prospectus supplement and an accompanying base prospectus relating to the Offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Surf Air Mobility
Surf Air Mobility is a Los Angeles-based air mobility platform. With its AI-enabled SurfOS™ software and electrification programs, Surf Air Mobility provides technology designed to support the modernization of air operations and the adoption of next-generation aircraft. The Company currently operates one of the largest commuter airlines in the United States by scheduled departures, which provides operational scale and real-world operating data to validate and deploy its software. Together, these capabilities position Surf Air Mobility as a leader shaping a more efficient, connected, and accessible future for aviation.
Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding the completion of the Offering, the satisfaction of customary closing conditions related to the Offering, and the receipt and the intended use of proceeds from the offering. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility's management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility's current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: the Company's ability to anticipate the future needs of the air mobility market; the Company's future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; the dependence on third-party partners and suppliers for the components and collaboration in the Company's development of its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain the Company's growth; the inability of the Company's customers to pay for the Company's services; the inability of the Company to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against the Company, the risks associated with the Company's obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility's other filings with the SEC, which are accessible on the SEC's website at www.sec.gov, before making an investment decision. Surf Air Mobility assumes no obligation to update its forward-looking statements except as required by law.
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