Surf Air Mobility prices 13.3M shares at $1.10 in registered direct offering

Surf Air Mobility (SRFM) 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. The Offering is expected to close on or about April 21, subject to the satisfaction of customary closing conditions. The gross proceeds to the Company from the Offering are expected to be approximately $15M, 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 SurfOS software and electrification initiatives and/or the repayment of existing liabilities. Simultaneously, the Company entered into a non-dilutive $15M 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 $1.5M 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.