Spirit Airlines Receives Notice of Delisting from NYSE, Transitioning to OTC Pink Market

On November 18, 2024, Spirit Airlines, Inc. (NYSE:SAVE) was officially notified by the staff of NYSE Regulation about the commencement of proceedings to delist its common stock from the New York Stock Exchange (NYSE). The decision followed the Company’s disclosure on the same day in a Current Report on Form 8-K about filing a voluntary petition for reorganization under chapter 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York.

In response to the NYSE Notice, which cited the Company as no longer suitable for listing under the NYSE Manual Section 802.01D, the NYSE will proceed to delist Spirit Airlines’ common stock. Consequently, the trading of the Common Stock was suspended immediately on November 18, 2024. Following the filing of a Form 25 by NYSE Regulation, the delisting will become effective ten days after. The deregistration of the Common Stock under Section 12(b) of the Securities Exchange Act of 1934 will occur within 90 days or as determined by the SEC, post the Form 25 filing. Subsequently, the Common Stock began trading on the OTC Pink Market on November 19, 2024, under the symbol “SAVEQ.”

While the Company does not intend to challenge the delisting decision, it foresees a transition to the OTC Pink Market. This shift may result in a less liquid market for current and prospective shareholders. However, the move to the over-the-counter markets is not expected to impact Spirit Airlines’ business operations.

Forward-looking statements within the filed Current Report highlight the Company’s expectations regarding the delisting from NYSE and the trading dynamics on the OTC Pink Market. Management acknowledges that uncertainties and factors beyond their control could affect the actual outcomes post-transition.

Trading activities during the Chapter 11 Case are characterized as speculative, with potential risks involved for investors engaging with Spirit Airlines’ common stock. The Company advises caution regarding the purchase or sale of the Common Stock during this period due to the significant uncertainties associated with the Chapter 11 procedure.

Spirit Airlines, amidst the transition, is focused on optimizing costs and enhancing efficiency while targeting to achieve operating cash flow break-even on a monthly basis in the second half of 2025. As the Company navigates these changes, it is actively working to maintain payor access to its products and enhance the overall experience for clinicians and patients.

The Company’s future financial status and performance will be closely monitored as it adapts to the new trading environment following the delisting from NYSE. Investors are advised to approach trading Spirit Airlines’ common stock with caution during this critical period.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Spirit Airlines’s 8K filing here.

Spirit Airlines Company Profile

Spirit Airlines, Inc provides airline services. The company also offers hotels and rental cars services. It serves 93 destinations in 15 countries in the United States, Latin America, and the Caribbean. As of December 31, 2023, the company operated a fleet of 205 Airbus single-aisle aircraft. The company was formerly known as Clippert Trucking Company and changed its name to Spirit Airlines, Inc in 1992.