Surf Air Mobility Inc. (“Surf Air Mobility” or “Surf Air”), a regional air travel company aiming to sustainably connect the world’s communities, today announced they have updated their investment commitment from Luxembourg-based Gem Global Yield LLC SCS (“GGY”) pursuant to a share subscription facility and entered into an additional 1,000,000 share purchase agreement with GGY at $25 per share to be funded upon Surf Air Mobility becoming a public company.
Pursuant to the share subscription facility, upon the terms of and subject to the satisfaction of certain conditions, Surf Air Mobility will have the right from time to time at its option to direct GGY to purchase up to a specified maximum amount of shares of Surf Air Mobility common stock, up to a maximum aggregate purchase price of $400 million, over a specified term. Surf Air Mobility may request advances under the share subscription facility in an aggregate amount of up to $100 million, consisting of four incremental advances of up to $25 million each. Any drawn advance will reduce amounts that Surf Air can request for future draw downs.
Additionally, Surf Air has entered into a Share Purchase Agreement with GGY in which Surf Air has agreed to issue to GGY 1,000,000 shares of Surf Air Mobility common stock for a purchase price of $25.00 per share, and is expected to close, subject to certain conditions, upon Surf Air Mobility becoming a public company.
About Surf Air
Surf Air is a Los Angeles-based electric aviation and air travel company expanding the category of regional air travel and reinventing flying through the power of electrification. Surf Air intends to develop powertrain technology with its commercial partners to electrify existing fleets, bringing electrified aircraft to market at scale in an effort to substantially reduce the cost and environmental impact of flying. The management team has deep experience and expertise across aviation, electrification, and consumer technology.