Melinda C. Grindle, the Senior Vice President and Chief Human Resources Officer of Spirit Airlines , Inc. (NYSE:OTC:SAVEQ), recently sold a portion of her holdings in the company. According to a recent SEC filing, Grindle sold 15,028 shares of Spirit Airlines' Class A common stock on December 4, 2024, at an average price of $0.8053 per share. This transaction amounted to a total value of approximately $12,102. The sale occurred as Spirit Airlines trades at $0.92, representing a significant decline of nearly 94% over the past year. InvestingPro data shows the company currently trades at a low Price/Book ratio of 0.17.
Following this transaction, Grindle holds 17,612 shares, which include restricted stock units. The sale was reported by Thomas Canfield, acting as Attorney-In-Fact for Grindle. According to InvestingPro analysis, Spirit Airlines maintains a weak financial health score of 1.26, operating with a significant debt burden. Subscribers can access 18 additional key insights about Spirit Airlines through the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Spirit Airlines is undergoing numerous financial changes. The company has sold 23 of its A320ceo/A321ceo aircraft to GA Telesis for approximately $519 million, a strategic move expected to increase its liquidity by an estimated $225 million by the end of 2025. This sale is part of Spirit's broader financial strategy as it navigates significant financial challenges, which include the breakdown of merger talks with Frontier Airlines. Analysts from TD Cowen and Citi have maintained a Sell rating on the company due to these difficulties. Spirit Airlines is also preparing for a potential Chapter 11 bankruptcy filing in the Southern District of New York, a development that has led to the company's delisting from the NYSE and its transition to the OTC Pink Market. These are the recent developments for Spirit Airlines as it works towards financial stability.
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