Myrna Soto, a director at Spirit Airlines , Inc. (NYSE:OTC:SAVEQ), recently sold 10,570 shares of the company's common stock. The transactions were executed on November 29, 2024, at prices ranging from $0.56 to $0.57 per share, resulting in a total sale value of approximately $5,972. The sale comes as Spirit Airlines faces significant challenges, with the stock down over 96% year-to-date and trading at just 0.13 times book value. According to InvestingPro analysis, the company currently operates with a significant debt burden and is quickly burning through cash.
Following these transactions, Soto retains direct ownership of 32,804 shares, which includes restricted stock units. The sale was carried out by Thomas Canfield, acting as attorney-in-fact for Soto, and was disclosed in a Form 4 filing with the Securities and Exchange Commission. For deeper insights into Spirit Airlines' financial health and over 30 key financial metrics, access the comprehensive Pro Research Report available exclusively on InvestingPro.
In other recent news, Spirit Airlines is facing a significant financial challenge. The company has announced its intention to delist from the NYSE and transition to the OTC Pink Market. This move comes as the airline prepares for a potential Chapter 11 bankruptcy filing in the Southern District of New York. In an effort to restructure, Spirit Airlines 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.
Analysts from TD Cowen and Citi have maintained a Sell rating on Spirit Airlines, reflecting the company's ongoing financial difficulties. The breakdown of merger talks with Frontier Airlines has further complicated the company's situation. Spirit Airlines also faces safety concerns following an FAA prohibition on U.S. flights to Haiti due to an incident involving gunfire targeting a Spirit Airlines flight. These are the recent developments for Spirit Airlines as it navigates industry challenges and works towards financial stability.
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