New CEO says airline remains ‘focused on returning to profitability.”
A Spirit Airbus A321 (Photo: Shutterstock | Ron Adar)
Spirit announced Thursday that its common stock has been approved for listing on the NYSE American stock exchange.
A news release published by Spirit stated that trading for the company is expected to begin under the symbol FLYY starting on Tuesday. The announcement comes days after Dave Davis was appointed as the new CEO of the airline on Monday.
“Listing our common stock on the NYSE American is an important next step in Spirit’s continued transformation as we remain focused on returning to profitability and positioning our airline for long-term success,” Davis said in the release.
Spirit filed for bankruptcy late last year after years of quarterly losses and growing debt – which may have been exacerbated by a federally blocked merger deal between the ultra-low-cost carrier and JetBlue.
The decision prompted anger from shareholders, who in December sent letters to the judge presiding over the bankruptcy slamming Spirit’s leadership for supporting a deal that would cancel their shares.
Spirit’s first A321neo (Photo: Spirit Airlines)
Another investor created their own website mocking the company and its former CEO.
In February, after failing to make a merger deal with Frontier, the U.S. Bankruptcy Court for the Southern District of New York approved Spirit’s plan to exit bankruptcy. This “lender-backed take-private deal” gave control of the airline to top bondholders.
Spirit’s old stock traded under the symbol SAVE was delisted from the NYSE on November 18, 2024. Afterwards, the company traded over-the-counter under the symbol SAVEQ, which was since nullified.
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