SURF AIR MOBILITY INC. 8-K

What Happened
Surf Air Mobility Inc. (SRFM) filed an 8-K disclosing that on April 20, 2026 the company and two of its subsidiaries entered into a promissory note with LamVen for up to $15.0 million in aggregate principal (the “Note”). Advances are available on request but may not exceed $5.0 million in any consecutive 90‑day period and the Note matures on April 20, 2029. The Note is secured by a lien on certain aircraft assets (airframes, engines, propellers, helicopters and related records) of the Borrowers and certain subsidiaries. The Note is non‑recourse to the company, and LamVen’s remedies are limited to pursuing the Borrowers and the pledged collateral.

Key Details

• Maximum principal: $15,000,000; per-advance cap: no more than $5,000,000 in each consecutive 90‑day period (effective April 20, 2026).
• Interest: 12.5% per annum on outstanding principal, payable monthly in cash, shares of the company’s common stock (or pre‑funded warrants), or a combination; stock valued at $1.274/share for payment purposes.
• Origination fee: $1.5 million due on the later of July 19, 2026 or the date of the initial Advance; Company may elect to pay all or part of this fee in common stock (or pre‑funded warrants) valued at $1.274/share.
• Security and covenants: security interest on specified aircraft-related assets; the company and subsidiaries agreed not to create other liens on that collateral subject to certain exceptions. LamVen is subject to beneficial ownership limits that may restrict payment in stock.

Why It Matters
This agreement provides Surf Air Mobility with a committed financing source (up to $15M) to draw as needed subject to timing limits, which can support operations or aircraft-related needs. The 12.5% interest rate and $1.5M origination fee are material cost terms; the company’s option to pay interest and fees in stock (priced at $1.274/share) could lead to share issuance and dilution if elected. The loan is secured by specific aircraft assets and is non‑recourse to the company (LamVen’s remedies are limited to the Borrowers/collateral), which confines lender recovery but still places specific assets at risk.