Gardner H. McIntyre, a director at Spirit Airlines , Inc. (NYSE:OTC:SAVEQ), recently sold 48,290 shares of the company's common stock. The transaction, which took place on December 9, 2024, was executed at a price of $0.86 per share, amounting to a total value of $41,529. The sale comes as Spirit Airlines faces significant challenges, with the stock down over 94% year-to-date and trading at just 0.18 times book value. According to InvestingPro analysis, the company operates with a substantial debt burden and is rapidly burning through cash. Following this sale, McIntyre retains ownership of 21,955 shares, including restricted stock units. While InvestingPro analysis indicates the stock is currently undervalued, it highlights several challenges including weak financial health scores and concerning cash flow metrics. This transaction was disclosed in a filing with the Securities and Exchange Commission. For comprehensive insights, investors can access the detailed Pro Research Report, available exclusively on InvestingPro, covering this and 1,400+ other US stocks.
In other recent news, Spirit Airlines is undergoing significant financial changes. The airline has sold 23 of its A320ceo/A321ceo aircraft to GA Telesis for approximately $519 million, a move expected to increase its liquidity by an estimated $225 million by the end of 2025. This comes as the company faces financial challenges, including a breakdown of merger talks with Frontier Airlines, and is considering filing for Chapter 11 bankruptcy. Analysts from TD Cowen and Citi have maintained a Sell rating on the company in light of these developments. Spirit Airlines has also launched a consent solicitation regarding its 8.00% Senior Secured Notes due 2025, aiming to remove certain bankruptcy remote provisions. Despite these challenges, Spirit Airlines continues to navigate industry challenges and works towards financial stability. These are the recent developments for Spirit Airlines.
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