Red Oak Partners Discloses Stake in Global Crossing Airlines

TL;DR

**Red Oak Partners now owns >5% of Global Crossing Airlines (JET). Watch this space.**

AI Summary

On October 21, 2024, Red Oak Partners, LLC, along with its group members David Sandberg and Red Oak Fund, LP, filed a Schedule 13D. This filing indicates they collectively beneficially own more than 5% of the common stock of Global Crossing Airlines Group Inc. The filing does not specify a dollar amount for their holdings but marks a significant change in ownership disclosure for the airline company.

Why It Matters

This filing signals a significant investor's increased attention to Global Crossing Airlines Group Inc., potentially influencing future strategic decisions or stock performance.

Risk Assessment

Risk Level: medium — The filing indicates a substantial ownership stake by an investment firm, which could lead to activist involvement or significant trading activity.

Key Numbers

• 5% — Minimum Beneficial Ownership (Indicates a significant stake requiring disclosure)

Key Players & Entities

• Red Oak Partners, LLC (company) — Filing entity
• David Sandberg (person) — Group member of filing entity
• Red Oak Fund, LP (company) — Group member of filing entity
• Red Oak Long Fund, LP (company) — Group member of filing entity
• Global Crossing Airlines Group Inc. (company) — Subject company

FAQ

Key Financial Figures

• $0.001 — ame of Issuer) Common Stock, par value $0.001 (Title of Class of Securities) 37960
• $4,549,943 — e Funds was working capital and totaled $4,549,943. 6 Item 4. Purpose of Transaction .

Filing Documents

• f1021243sc13d.htm (SC 13D) — 75KB
• 0001214659-24-017754.txt ( ) — 77KB

Security and Issuer

Item 1. Security and Issuer . This statement on Schedule 13D (this “Statement”) relates to the common stock (“Common Stock”), of Global Crossing Airlines Group Inc. (the “Issuer”), with its principal executive offices located at 4200 NW 36th Street, Building 5A, Miami International Airport, Miami, FL 33166.

Identity and Background

Item 2. Identity and Background .

is hereby amended and restated to read as

Item 2 is hereby amended and restated to read as follows: (a)-(c) and (f) The names of the persons filing this Statement (the “Reporting Persons”) are: The Red Oak Fund, LP, a Delaware limited partnership (“Red Oak Fund”); The Red Oak Long Fund, LP, a Delaware limited partnership (“Red Oak Long Fund”); Red Oak Partners, LLC, a Florida limited liability company (“Red Oak Partners”); and David Sandberg, as the controlling member of Red Oak Partners. This Statement is being filed by David Sandberg, the controlling member of Red Oak Partners, which manages each of Red Oak Fund and Red Oak Long Fund (each a “Fund” and, collectively, the “Funds”). The Funds are private investment vehicles formed for the purpose of investing and trading in a wide variety of securities and financial instruments. The Funds directly own the shares as reported in this Statement. Each of the filers hereto disclaims beneficial ownership with respect to any shares other than shares owned directly by such filer. The principal office or business address of the Funds, Red Oak Partners and Mr. Sandberg is 40 SE 5 th Street, Suite 502, Boca Raton, FL 33432. Mr. Sandberg is a citizen of the United States of America. (d)-(e) During the last five years, none of the Reporting Persons have been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration . The source of cash for securities purchased by the Funds was working capital and totaled $4,549,943. 6

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended

Item 4 is hereby amended to add the following: The Shares acquired by the Reporting Persons have been acquired for the purpose of making an investment in the Issuer. The Reporting Persons intend to review its investment on a regular basis and, may at any time or from time to time determine, either alone or as part of a group, (a) to acquire additional securities of the Issuer, through open market purchases, privately negotiated transactions or otherwise, (b) to dispose of all or a portion of the securities owned of the Issuer in the open market, in privately negotiated transactions or otherwise, or (c) to take any other available course of action, which could involve one or more types of transactions or have one or more of the results described in this paragraph. Any such acquisition or disposition or other transaction would be made in compliance with all applicable laws and regulations. Notwithstanding anything contained herein, each of the Reporting Persons specifically reserves the right to change its intention with respect to any or all of such matters. In reaching any decision as to its course of action (as well as to the specific elements thereof), each of the Reporting Persons expects that it would take into consideration a variety of factors, including, but not limited to, the following: the Issuer’s business and prospects; other developments concerning the Issuer and its businesses generally; other business opportunities available to the Reporting Persons; changes in law and government regulations; general economic conditions; and money and stock market conditions, including the market price of the securities of the Issuer. In addition, in connection with their review of their investment, the Reporting Persons may from time to time seek to engage in communications with one or more shareholders of the Issuer, one or more officers of the Issuer and/or one or more members of the board of directors of the Issuer regarding the Issuer. Other than as set f

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer .

is hereby amended

Item 5 is hereby amended and restated to read as follows: (a) The aggregate percentage of the Issuer’s outstanding shares of Common Stock reported owned by each Reporting Person is based on 43,446,990 shares of common stock outstanding at September 27, 2024, as reported by the Issuer on its Form DEF 14A, filed with the United States Securities and Exchange Commission on October 8, 2024, plus 16,500 Class-B shares purchased by the Reporting Persons which are convertible into Common Stock. Each Reporting Person disclaims beneficial ownership with respect to any shares of Common Stock other than the shares owned directly and of record by such Reporting Person. Red Oak Partners beneficially owns 8,803,667 shares of Common Stock, representing 20.3% of all the outstanding shares of Common Stock. The Funds are each controlled by Red Oak Partners. Therefore, Red Oak Partners may be deemed to beneficially own (i) the 5,798,925 shares of Common Stock held by the Red Oak Fund, and (ii) the 3,004,742 shares of Common Stock held by the Red Oak Long Fund. Mr. Sandberg, as the managing member of Red Oak Partners may be deemed to beneficially own the 8,803,667 shares of Common Stock beneficially owned by Red Oak Partners through the Funds, representing 20.3% of all the outstanding shares of Common Stock. Red Oak Fund may be deemed to beneficially own 5,798,925 shares of Common Stock, representing 13.3% of all the outstanding shares of Common Stock. Red Oak Long Fund may be deemed to beneficially own 3,004,742 shares of Common Stock, representing 6.9% of all the outstanding shares of Common Stock. 7 (b) Each of Red Oak Partners and Mr. Sandberg may be deemed to have shared voting and dispositive power with respect to (i) the 5,798,925 shares of Common Stock held by the Red Oak Fund, and (ii) the 3,004,742 shares of Common Stock held by the Red Oak Long Fund. No Fund shares with any other Fund voting or dispositive power with respect to the shares such Fund beneficially

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer . Not applicable. 8

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: October 21, 2024 RED OAK PARTNERS, LLC By: /s/ David Sandberg Name: David Sandberg Title: Managing Member THE RED OAK FUND, L.P. By: RED OAK PARTNERS, LLC, its general partner By: /s/ David Sandberg Name: David Sandberg Title: Managing Member THE RED OAK LONG FUND, L.P. By: RED OAK PARTNERS, LLC, its general partner By: /s/ David Sandberg Name: David Sandberg Title: Managing Member By: /s/ David Sandberg David Sandberg 9

View Full Filing

View this SC 13D filing on SEC EDGAR