Rocky Wiggins, the Senior Vice President and Chief Information Officer of Spirit Airlines , Inc. (NYSE:OTC:SAVEQ), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Wiggins sold 25,966 shares of common stock on December 2, 2024, at a price of $0.62 per share, amounting to a total transaction value of $16,098. This transaction comes as Spirit Airlines faces significant financial challenges, with InvestingPro data showing the company's market capitalization has dropped to approximately $97 million, while carrying a substantial debt burden of $7.8 billion.
Following this transaction, Wiggins retains ownership of 20,333 shares, which includes restricted stock units. This sale represents a notable adjustment in Wiggins' stake in the low-cost carrier, which is headquartered in Dania Beach, Florida. InvestingPro analysis reveals concerning trends, including rapid cash burn and a weak financial health score. Subscribers can access 20+ additional ProTips and a comprehensive Pro Research Report for deeper insights into Spirit Airlines' financial situation.
In other recent news, Spirit Airlines has been navigating significant financial challenges. The company is preparing for a transition from the NYSE to the OTC market and has signaled potential bankruptcy. This move comes along with the launch of a consent solicitation regarding its 8.00% Senior Secured Notes due 2025, aiming to remove certain bankruptcy remote provisions. Spirit Airlines has also sold 23 of its A320ceo/A321ceo aircraft to GA Telesis for approximately $519 million, a strategic decision expected to increase its liquidity by an estimated $225 million by the end of 2025. In the midst of these developments, merger talks with Frontier Airlines have broken down, adding to the company's predicaments. Analysts from TD Cowen and Citi maintain a Sell rating on Spirit Airlines, reflecting the company's current financial difficulties. These are the recent developments for Spirit Airlines as it works towards financial stability.
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