Spirit Airlines Faces Delisting Notice
Ticker: FLYYQ · Form: 8-K · Filed: Nov 20, 2024 · CIK: 1498710
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
Related Tickers: SAVE
TL;DR
Spirit Airlines might get kicked off its current exchange. Big trouble brewing.
AI Summary
Spirit Airlines, Inc. filed an 8-K on November 20, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates a potential transfer of listing, with the earliest event reported as November 18, 2024. The company is incorporated in Delaware and its principal executive offices are located in Dania Beach, Florida.
Why It Matters
This filing signals potential significant disruption for Spirit Airlines' stock trading and investor confidence, possibly leading to a transfer to a different exchange or further scrutiny.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a severe risk to the company's stock trading viability and investor confidence.
Key Players & Entities
- Spirit Airlines, Inc. (company) — Registrant
- November 20, 2024 (date) — Filing Date
- November 18, 2024 (date) — Earliest Event Reported Date
- Delaware (jurisdiction) — State of Incorporation
- Dania Beach, Florida (location) — Principal Executive Offices
FAQ
What specific listing rule or standard has Spirit Airlines failed to satisfy?
The filing does not specify the exact listing rule or standard that Spirit Airlines has failed to satisfy, only that a notice has been issued.
What is the nature of the 'transfer of listing' mentioned in the filing?
The filing mentions a 'Transfer of Listing' as an item of information, but does not provide details on whether this is voluntary, involuntary, or to which exchange it might occur.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on November 18, 2024.
What is the Commission File Number for Spirit Airlines?
The Commission File Number for Spirit Airlines is 001-35186.
What is the IRS Employer Identification Number for Spirit Airlines?
The IRS Employer Identification Number for Spirit Airlines is 38-1747023.
Filing Stats: 1,238 words · 5 min read · ~4 pages · Grade level 13.5 · Accepted 2024-11-20 17:12:46
Key Financial Figures
- $0.0001 — ge on which registered Common Stock, $0.0001 par value SAVE 1 New York Stock Exc
- $0 — ) to delist the common stock, par value $0.0001, of the Company (the "Common Stock
Filing Documents
- dp220945_8k.htm (8-K) — 35KB
- 0000950103-24-016594.txt ( ) — 204KB
- save-20241118.xsd (EX-101.SCH) — 3KB
- save-20241118_lab.xml (EX-101.LAB) — 33KB
- save-20241118_pre.xml (EX-101.PRE) — 22KB
- dp220945_8k_htm.xml (XML) — 3KB
01
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On November 18, 2024, Spirit Airlines, Inc. (the "Company") received a notice (the "NYSE Notice") from the staff of NYSE Regulation ("NYSE Regulation") that it had determined to commence proceedings to delist the common stock, par value $0.0001, of the Company (the "Common Stock") from the New York Stock Exchange ("NYSE") and that trading in the Common Stock was suspended immediately on November 18, 2024. NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to NYSE Listed Company Manual Section 802.01D after the Company disclosed in its November 18, 2024 Current Report on Form 8-K that the Company filed a voluntary petition for reorganization under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York (the "Chapter 11 Case") on November 18, 2024. The NYSE will apply to the U.S. Securities and Exchange Commission to delist the Common Stock upon completion of applicable procedures. The Company does not intend to appeal the determination and, therefore, it is expected that the Common Stock will be delisted from the NYSE. As a result of the suspension and expected delisting, the Common Stock commenced trading on the OTC Pink Market under the symbol "SAVEQ." The OTC Pink Market is a significantly more limited market than the NYSE, and quotation on the OTC Pink Market likely results in a less liquid market for existing and potential holders of the Common Stock to trade in the Common Stock and could further depress the trading price of the Common Stock. The Company can provide no assurance that its Common Stock will continue to trade on this market, whether broker-dealers will continue to provide public quotes of the Common Stock on this market, or whether the trading volume of the Common Stock will be sufficient to provide
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits: Exhibit Description 104 Cover page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 20, 2024 SPIRIT AIRLINES, INC. By: /s/ Thomas Canfield Name: Thomas Canfield Title: Senior Vice President and General Counsel