Thomas C. Canfield, the Senior Vice President, General Counsel, and Secretary at Spirit Airlines Inc. (NYSE:OTC:SAVEQ), recently sold shares of the airline's stock, according to a filing with the Securities and Exchange Commission. On November 29, Canfield sold 10,000 shares at a price of $0.61 each, and on December 2, he sold an additional 35,000 shares at $0.6723 per share. The total value of these transactions amounted to $29,630. The sales come as Spirit Airlines faces significant challenges, with InvestingPro data showing the stock has declined 96% year-to-date and trades at just 0.13 times book value.
Following these sales, Canfield retains ownership of 44,817 shares in Spirit Airlines, including restricted stock units. These transactions are part of routine filings that provide transparency into the trading activities of company insiders. According to InvestingPro analysis, Spirit Airlines operates with a significant debt burden and faces rapid cash burn, with a weak Financial Health Score of 1.26. For deeper insights into Spirit Airlines' financial health and over 30 key metrics, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Spirit Airlines has made significant moves in its financial strategy. The company has entered a binding agreement to sell 23 of its A320ceo/A321ceo aircraft to GA Telesis, LLC for approximately $519 million. This sale is expected to improve Spirit's liquidity by an estimated $225 million by the end of 2025, after considering the discharge of related aircraft debt. Meanwhile, Spirit Airlines has also been grappling with the breakdown of merger discussions with Frontier Airlines, leading to a potential filing for Chapter 11 bankruptcy. Analysts from TD Cowen and Citi have maintained a Sell rating on the company in light of these challenges. These are the latest developments for Spirit Airlines as it navigates industry challenges and works towards financial stability.
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