Surf Air Mobility (SRFM) Announces 2M Share Offering at $2.50/sh

Surf Air Mobility Inc. (NYSE: SRFM) (the “Company”), a leading regional air mobility platform, announced today that it has entered into definitive agreements for the purchase and sale of 2,000,000 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $2.50 per share (or pre-funded warrant in lieu thereof) in a registered direct offering. The offering is expected to close on or about April 1, 2025, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be $5 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the offering to pay down certain indebtedness and for general corporate purposes.

The securities offered in the registered direct offering are being offered and sold by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-284845), including a base prospectus, previously filed with the Securities and Exchange Commission (the “SEC”) on February 11, 2025 and declared effective by the SEC on March 26, 2025. The offering of the securities to be issued in the offering are being made only by means of a prospectus supplement that forms a part of the 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. Electronic copies of the final prospectus supplement and accompanying base prospectus may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at [email protected].

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