SCHEDULE: Insider Boosts Stake in Surf Air Mobility

Liam Fayed and affiliated entity LamVen LLC disclose increased beneficial ownership in Surf Air Mobility Inc., reaching 9.99% of common stock.

Summary

• Liam Fayed and LamVen LLC, an entity affiliated with Mr. Fayed, have jointly filed an amendment to their Schedule 13G for Surf Air Mobility Inc.
• The Reporting Persons collectively beneficially own 6,663,920 shares of Surf Air Mobility Inc. Common Stock.
• This aggregate ownership represents 9.99% of the company's outstanding Common Stock, calculated based on 63,223,450 shares outstanding as of November 20, 2025.
• On November 12, 2025, LamVen LLC acquired 1,506,024 shares of Common Stock and was issued a warrant (the "2025 Warrant") to purchase an additional 1,506,024 shares.
• The 2025 Warrant includes a provision that prohibits its exercise if it would result in the beneficial ownership by LamVen (together with Liam Fayed) exceeding 9.99% of all outstanding Common Stock.
• LamVen LLC also holds customary registration rights for 3,389,398 shares of common stock issuable upon the exercise of a warrant dated November 14, 2024 (the "2024 Warrant").

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as increased insider ownership, especially through new share acquisitions and warrants, typically reflects confidence in the company's long-term value, despite being a routine disclosure.

Positives

• Increased insider ownership by Liam Fayed and LamVen LLC, signaling confidence in Surf Air Mobility Inc.'s future.
• LamVen LLC's acquisition of additional shares and warrants indicates a continued investment and commitment to the company.

Risks

• The 2025 Warrant includes a beneficial ownership cap of 9.99%, which could limit the extent to which the reporting persons can increase their direct ownership percentage through warrant exercise.
• The reported percentage of class is subject to change if the total number of outstanding Common Stock shares increases or decreases.

Future Outlook

The filing indicates potential for increased beneficial ownership by the reporting persons through warrant exercise, subject to a 9.99% ownership cap. The number of beneficially owned shares could increase or decrease based on changes in the total outstanding Common Stock.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

StockSavvy.ai notes that an increase in beneficial ownership by a significant investor, especially one with an affiliated entity, can often be interpreted by the market as a vote of confidence in the company's future prospects. This is particularly relevant in the mobility sector, where strategic investments can signal long-term commitment.

Comparison to Industry Standards

• This filing is a standard disclosure of beneficial ownership, common across all industries. The 9.99% ownership cap is a typical 'blocker' provision often seen in private investment in public equity (PIPE) deals or strategic investments to avoid triggering certain regulatory thresholds (e.g., poison pill provisions or additional reporting requirements under Section 13(d) that imply intent to influence control).
• For example, similar caps are observed in investments by funds like BlackRock or Vanguard in various companies to maintain passive investor status.
• Without specific performance metrics, direct comparison to industry-specific financial benchmarks or competitor results (e.g., Joby Aviation, Archer Aviation in the air mobility space) is not applicable here.

Stakeholder Impact

• Shareholders: Increased insider ownership may be seen as a positive indicator of management/insider confidence, potentially influencing investor sentiment.
• Company: The financing transactions (leading to the share acquisition and warrants) provided capital to the company.

Next Steps

• Potential future exercise of the 2025 Warrant by LamVen LLC, subject to the 9.99% beneficial ownership cap.
• Potential future exercise of the 2024 Warrant by LamVen LLC, for which registration rights exist.

Key Dates

Recommendation

The filing indicates a significant insider stake increase and new capital infusion through warrants, which is generally a positive sign of confidence. However, as a Schedule 13G, it primarily reports ownership and does not provide operational or financial performance updates. A 'hold' recommendation is appropriate as it acknowledges the positive insider action without overstating its immediate impact on the company's fundamental performance, pending further operational disclosures.

Keywords

Surf Air Mobility, Liam Fayed, LamVen LLC, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Insider Ownership, SEC Filing, Equity Stake