Hudson Bay Capital Management LP and Sander Gerber filed an amended Schedule 13G with the SEC on November 10, 2026, disclosing beneficial ownership of 12,414,832 shares of Surf Air Mobility Inc. common stock, representing 8.55% of the class as of September 30, 2026.

Key Highlights

  • Aggregate beneficial ownership: 12,414,832 shares of Surf Air Mobility Inc. common stock reported by both Hudson Bay Capital Management LP and Sander Gerber.
  • Percent of class: 8.55%, calculated based on 132,848,730 total shares outstanding as reported in the company's Prospectus filed pursuant to Rule 424(b)(5) on September 30, 2026.
  • Nature of holdings: All reported shares represent common stock issuable upon conversion of convertible notes and upon exercise of warrants held by HT Investments MA LLC and High Trail Special Situations LLC.
  • Voting and dispositive power: Both reporting persons report zero sole voting or dispositive power, and 12,414,832 shares of shared voting and shared dispositive power each.
  • High Trail Special Situations LLC: The filing identifies this entity as having the right to receive, or the power to direct the receipt of, dividends or sale proceeds from more than 5% of the common stock.
  • Gerber disclaimer: According to the filing, Mr. Gerber "disclaims beneficial ownership of these securities."

Hudson Bay Capital Management and Gerber Disclose Convertible Note and Warrant Position in Surf Air Mobility

According to the amended Schedule 13G filed November 10, 2026, Hudson Bay Capital Management LP, a Delaware limited partnership, and Sander Gerber, a United States citizen, are collectively identified as the reporting persons. The filing covers common stock, $0.0001 par value, of Surf Air Mobility Inc. (NYSE:SRFM), whose principal executive offices are located at 5080 Spectrum Dr., Ste. 250W, Addison, TX 75001. The event triggering the filing is dated September 30, 2026.

The filing discloses that the securities reported are not held directly by the reporting persons but are held in the names of HT Investments MA LLC and High Trail Special Situations LLC. The Investment Manager, Hudson Bay Capital Management LP, serves as investment manager to those entities and may therefore be deemed the beneficial owner of all shares issuable upon conversion of the convertible notes and upon exercise of the warrants those entities hold, the filing states. Mr. Gerber serves as managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager.

The percentage of class, 8.55%, is based on an aggregate of 132,848,730 shares, as reported in Surf Air Mobility's Prospectus filed pursuant to Rule 424(b)(5) on September 30, 2026, and assumes both the conversion of the convertible notes and the exercise of the warrants, according to the filing. The filing certifies that the securities "were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

What Was Disclosed

Hudson Bay Capital Management LP and Sander Gerber filed an amended Schedule 13G disclosing 12,414,832 shares, or 8.55%, of Surf Air Mobility Inc. common stock, all attributable to convertible notes and warrants held through affiliated entities as of September 30, 2026.