Surf Air Mobility Inc. Closes Second Tranche of Secured Debentures

What Happened

• Surf Air Mobility Inc. announced it completed satisfaction of closing conditions and closed the second tranche of its Secured Debentures on August 10, 2026. The secured debentures have an aggregate face amount of $21.6 million; an initial debenture of approximately $7 million was issued June 30, 2026, and the remaining balance (about $14 million) was issued upon closing. The transaction involved the Company, an institutional Collateral Agent and certain Purchasers.

Key Details

• Total Secured Debentures: $21.6 million aggregate face amount.
• Timing: First debenture (~$7M) issued June 30, 2026; remaining ~ $14M tranche closed Aug 10, 2026 after conditions were met.
• Related notes: Holders of the Company’s Senior Secured Convertible Note due 2027 (initial principal $16,857,142.89) and Senior Secured Term Note due 2028 (initial principal $30,000,000) agreed to extend deadlines to allow closing.
• Use of proceeds: Net proceeds from the second tranche will be used for general working capital purposes.
• Filing items: Reported under Item 1.01 (material definitive agreement) and Item 2.03 (creation of a direct financial obligation).

Why It Matters

• This filing means the company has taken on additional secured, senior debt totaling $21.6M, which affects its balance sheet and cash position. The funds are earmarked for general working capital, which can help near‑term operations and liquidity. Investors should note the increase in secured obligations and the involvement of other secured noteholders in extending deadlines to permit the full issuance.