Willkie represented Global Emerging Markets Group, a European alternative investment sponsor, in the subscription facility with Surf Global Air Ltd., a California-based private aviation business.
Willkie recently represented Global Emerging Markets Group (“GEM”), a European alternative investment sponsor in connection with its $200 million share subscription facility with Surf Global Air Ltd. (“Surf Air”), a California-based private aviation business.
Under the facility, GEM has agreed to purchase common stock from Surf Air for an aggregate value of $200 million upon Surf Air’s public listing on a national securities exchange, a portion of which will become immediately available upon Surf Air becoming a publicly traded company and the balance of which may be drawn in subsequent installments at Surf Air’s option over a three-year period.
As partial consideration for GEM’s commitment, GEM will acquire .75% of the total number of shares of common stock outstanding as of Surf Air’s public listing date at a per share price of $0.01 per share.
Surf Air will use proceeds from the investment to develop and acquire leading technology in the zero emission aviation space.
The Willkie deal team was led by partners Robert Rizzo and Jeffrey Hochman and included associates Tej Prakash and Katherine Dorris.