Form 4: Palantir No Longer 10% Owner of Surf Air Mobility

Palantir Technologies Inc. is no longer a 10% beneficial owner of Surf Air Mobility Inc. due to an increase in Surf Air's outstanding shares.

Summary

• Palantir Technologies Inc. is no longer considered a 10% beneficial owner of Surf Air Mobility Inc.
• This change occurred because of an increase in the total outstanding shares of Surf Air Mobility Inc., not due to any sale of shares by Palantir.
• As of September 8, 2025, Surf Air Mobility Inc. had 44,789,644 shares of common stock outstanding.
• Palantir Technologies Inc. continues to hold 4,461,564 shares of Surf Air Mobility Inc. common stock.
• As a result of its ownership falling below 10%, Palantir is no longer subject to Section 16 reporting requirements for future transactions in Surf Air Mobility Inc. equity securities.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While Palantir's percentage ownership decreased, it was due to Surf Air's growth (increased shares) rather than Palantir divesting. Palantir maintains its absolute share count, indicating continued investment. The loss of 10% owner status reduces reporting burden for Palantir.

Positives

• Palantir Technologies Inc. maintains its investment in Surf Air Mobility Inc. by continuing to hold 4,461,564 shares.
• The change in ownership status is due to Surf Air Mobility Inc.'s growth (increased outstanding shares), not a divestment by Palantir.

Negatives

• Palantir Technologies Inc. has lost its status as a 10% owner, which might imply a reduced level of influence or strategic importance in Surf Air Mobility Inc.

Risks

• The dilution of Palantir's ownership percentage could potentially reduce its influence over Surf Air Mobility Inc.'s strategic decisions.

Future Outlook

Palantir Technologies Inc. will no longer be subject to Section 16 reporting requirements for transactions in Surf Air Mobility Inc. equity securities on or after September 8, 2025.

Industry Context

This filing reflects a common occurrence where a significant investor's percentage ownership can decrease due to the issuer's capital-raising activities (e.g., new share issuances, stock-based compensation) rather than active divestment by the investor. For Surf Air Mobility, an increase in outstanding shares could indicate recent financing rounds or employee stock option exercises, which are typical for growth-stage companies.

Comparison to Industry Standards

• The event of an investor's stake being diluted below a reporting threshold due to an increase in the issuer's outstanding shares is a standard capital markets dynamic.
• For example, venture capital firms or early-stage investors often see their percentage ownership decrease as portfolio companies raise subsequent funding rounds or go public, even if they maintain or increase their absolute share count.
• This is comparable to how SoftBank's Vision Fund's percentage ownership in various tech companies has evolved over time as those companies issued more shares.

Stakeholder Impact

• Shareholders of Surf Air Mobility Inc.: Experience dilution of existing shares due to the increase in outstanding shares, but this could also signal growth or successful capital raising.
• Shareholders of Palantir Technologies Inc.: Palantir's investment in Surf Air Mobility Inc. remains, but its influence as a 10% owner is reduced.

Next Steps

• Palantir Technologies Inc. will no longer file Section 16 reports for transactions in Surf Air Mobility Inc. equity securities.

Key Dates

Recommendation

The filing indicates a routine change in beneficial ownership status for Palantir due to share dilution at Surf Air Mobility, not a divestment. Palantir continues to hold its shares. This event is not a strong signal for either buying or selling, suggesting a "hold" position for investors already invested in either company, pending further operational or financial news.

Keywords

Palantir Technologies, Surf Air Mobility, SRFM, PLTR, SEC Form 4, Beneficial Ownership, 10% Owner, Share Dilution, Section 16, Equity Investment