Business Context and Reporting Period
Company: Surf Air Mobility Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 1, 2026
Reporting Period: Events occurring on June 30, 2026, and July 1, 2026.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or operating margins. It focuses on debt restructuring and a specific correction to a public statement.
| Debt Instrument | Details |
|---|---|
| Prior Senior Secured Convertible Note (2028) | Original Principal: $74 million Outstanding Balance Exchanged: $46,857,142.89 |
| New Senior Secured Convertible Note (2027) | Principal Amount: $16,857,142.89 |
| New Senior Secured Term Note (2028) | Principal Amount: $30,000,000 |
Material Changes
- Debt Restructuring: On June 30, 2026, the Company entered into an Omnibus Amendment and Exchange Agreement. On July 1, 2026, the transaction closed, exchanging an existing $46.86 million convertible note for two new instruments totaling the same principal amount ($16.86 million convertible note and $30 million term note).
- Correction of Public Statement: The Company corrected a June 26, 2026 press release regarding its electric aircraft demonstration program in Hawaii. The original release inaccurately stated the Company "became" the first Part 135 operator to commercialize electric passenger flights. The corrected statement clarifies that the Company plans to be the first.
Guidance, Outlook, and Risks
Outlook: The Company is proceeding with an electric aircraft demonstration program in Hawaii in partnership with BETA Technologies, with Hawaiian Airlines supporting evaluation activities. Management intends to be the first Part 135 operator to commercialize electric passenger flights for scheduled service and on-demand charter.
Risks and Contingencies: The filing highlights the risk of inaccurate public disclosures, necessitating a voluntary correction to ensure compliance with Regulation FD. No other specific financial risks or contingencies are detailed in this report.
Investor Verification Checklist
- Verify the terms and interest rates of the new $16.86 million Convertible Note and $30 million Term Note.
- Confirm the timeline and regulatory status of the Hawaii electric aircraft demonstration program with BETA Technologies.
- Review the full text of the June 26, 2026 press release and the subsequent correction to understand the scope of the misstatement.
- Check for any covenants or liquidity impacts resulting from the debt exchange agreement.