Loan & DebtJul 2, 2026, 08:02 AM
Surf Air Mobility Restructures $46.8M Debt; Corrects Electric Flight Claim
AI Summary
Surf Air Mobility Inc. restructured its debt by exchanging an existing Senior Secured Convertible Note with an outstanding principal of $46.8 million for a new Senior Secured Convertible Note due 2027 and a new Senior Secured Term Note due 2028. Additionally, the company issued a clarification regarding a previous press release, stating that it *plans to be* the first Part 135 operator to commercialize electric passenger flights, correcting an earlier inaccurate statement. This clarification relates to the launch of an electric aircraft demonstration program in Hawaiʻi in partnership with BETA Technologies and Hawaiian Airlines.
Key Highlights
- Exchanged $46,857,142.89 outstanding principal of Senior Secured Convertible Note due 2028.
- Issued new Senior Secured Convertible Note due 2027 for $16,857,142.89.
- Issued new Senior Secured Term Note due 2028 for $30,000,000.
- Closed debt exchange transactions on July 1, 2026.
- Corrected statement: Company plans to be first Part 135 operator for electric passenger flights.
- Launched electric aircraft demonstration program in Hawaiʻi with BETA Technologies.
- Hawaiian Airlines supports evaluation activities for the demonstration program.
- Plans to establish MRO facility in Hawaiʻi for BETA aircraft.
Price Impact
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