SCHEDULE: Red Oak Partners Cuts Global Crossing Airlines Stake

Red Oak Partners and David Sandberg have reduced their beneficial ownership in Global Crossing Airlines Group Inc. to 18.4% through recent share sales.

Summary

• Red Oak Partners, LLC and David Sandberg, along with their associated funds (The Red Oak Fund, L.P. and The Red Oak Long Fund, L.P.), collectively beneficially own 9,244,147 shares of Global Crossing Airlines Group Inc. Common Stock.
• This aggregate ownership represents 18.4% of the Issuer's outstanding common stock, based on 50,163,348 shares outstanding as of November 5, 2025.
• The Red Oak Fund, L.P. holds 6,071,627 shares (12.1%) and The Red Oak Long Fund, L.P. holds 3,172,520 shares (6.3%).
• The Reporting Persons acquired their shares for investment purposes, using $8,453,694 from working capital.
• On November 7, 2025, the Reporting Persons sold a total of 398,020 Common Stock shares, 1,101,980 Class A shares, and 1,500,000 Warrants in private transactions.
• The sales were executed at prices of $0.711 for Common Stock, $0.729 for Class A shares, and $0.010 for Warrants.
• The Reporting Persons reserve the right to acquire additional securities, dispose of existing holdings, or engage in communications with the Issuer's stakeholders regarding their investment.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a significant investor reducing their stake, which can be interpreted as a bearish signal for the company's stock.

Negatives

• A significant institutional investor, Red Oak Partners, has reduced its stake in Global Crossing Airlines Group Inc. by selling common stock, Class A shares, and warrants.
• The divestment by a major beneficial owner could be interpreted by the market as a negative signal regarding the investor's confidence in the company's near-term prospects or a strategic reallocation of capital.

Future Outlook

The Reporting Persons intend to review their investment on a regular basis and may, at any time, acquire additional securities, dispose of all or a portion of their holdings, or take any other available course of action. They may also engage in communications with the Issuer's shareholders, officers, and board members.

Industry Context

N/A

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws in the last five years.

Stakeholder Impact

• Shareholders: The reduction in stake by a major investor could lead to negative market sentiment and potentially impact the share price.
• Management/Board: The Reporting Persons may seek to engage in communications with management and the board, potentially influencing strategic decisions or corporate governance.

Next Steps

• Reporting Persons will continue to review their investment in Global Crossing Airlines Group Inc. on a regular basis.
• Reporting Persons may acquire additional securities or dispose of current holdings in the future.
• Reporting Persons may engage in communications with the Issuer's shareholders, officers, and board of directors.

Key Dates

Recommendation

The filing indicates a significant institutional investor, Red Oak Partners, has reduced its stake in Global Crossing Airlines Group Inc. by selling common stock, Class A shares, and warrants. While the investor still holds a substantial 18.4% stake, the divestment of a portion of their holdings could signal a shift in their investment thesis or a decision to reallocate capital. This action is generally viewed as a bearish signal by the market. Therefore, a 'Hold' recommendation is appropriate, advising investors to monitor the situation closely for further developments or clarity on the reasons behind the sales, and to assess their own risk tolerance and investment objectives in light of this information.

Keywords

Global Crossing Airlines Group Inc., Red Oak Partners, David Sandberg, Schedule 13D, Beneficial Ownership, Common Stock, Share Sales, Institutional Investor, Airline Industry