Surf Air (URF, Santa Monica) parent Surf Air Mobility Inc. has announced an updated investment commitment from Gem Global Yield LLC SCS (GGY) by which the Luxembourg-based investor may purchase a specified maximum number of shares of Surf Air Mobility common stock for a maximum aggregate purchase price of USD400 million, over a specified term.

Surf Air Mobility may request advances under the share subscription facility of up to USD100 million, consisting of four incremental advances of up to USD25 million each.

In addition, Surf Air Mobility 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 USD25 per share. This agreement is expected to close when Surf Air Mobility becomes a public company, subject to certain conditions.

As reported, Surf Air Mobility recently announced its intention to go public through a direct listing on the New York Stock Exchange, to be preceded by a merger with Southern Airways Corporation, the parent of Southern Airways Express (9X, Memphis International), which is also still subject to closing conditions and regulatory approval.

Surf Air is a virtual regional carrier providing scheduled routes and on-demand charter flights operated by third parties under Part 135. It intends to develop electric powertrain technology with commercial partners to electrify existing fleets, starting with hybrid-electric and fully-electric variants of the Cessna (twin turboprop) 208B Grand Caravan EX.

GEM Global Yield Fund is a direct lending fund managed by Global Emerging Markets Group (GEM), a USD3.4 billion alternative investment group that manages diverse investment vehicles. In 2020, Surf Air Mobility already secured USD200m funding from GEM.