Form 4: Red Oak Partners Increases Stake in Global Crossing Airlines Group Inc.

Red Oak Partners, LLC, through its affiliated funds, has increased its holdings in Global Crossing Airlines Group Inc. via open market purchases.

Summary

• Red Oak Partners, LLC, through The Red Oak Fund, LP and The Red Oak Long Fund, L.P., has acquired additional shares of Global Crossing Airlines Group Inc.
• On July 16, 2024, The Red Oak Fund, LP purchased 1,080,472 shares at $0.45 per share, and The Red Oak Long Fund, L.P. purchased 419,528 shares at $0.45 per share.
• On September 2, 2024, The Red Oak Fund, LP purchased 1,485,169 shares at $0.46 per share, and The Red Oak Long Fund, L.P. purchased 839,831 shares at $0.46 per share.
• On October 18, 2024, The Red Oak Fund, LP purchased 403,179 shares at an average price of $0.598, and The Red Oak Long Fund, L.P. purchased 33,451 shares at an average price of $0.596.
• Additionally, on October 18, 2024, The Red Oak Fund, LP purchased 10,868 shares of Class B Non-Voting Common Stock for $0, and The Red Oak Long Fund, L.P. purchased 5,632 shares of Class B Non-Voting Common Stock for $0.
• Following these transactions, The Red Oak Fund, LP directly owns 5,788,057 shares of common stock, and The Red Oak Long Fund, L.P. directly owns 2,999,110 shares of common stock.
• David Sandberg, as the managing member of Red Oak Partners, LLC and portfolio manager for both funds, disclaims beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The increased investment suggests confidence, but the disclaimer of beneficial ownership and the lack of explicit positive statements temper the overall sentiment.

Positives

• Increased investment by Red Oak Partners could signal confidence in Global Crossing Airlines Group Inc.'s future prospects.
• The purchases were made at increasing prices, suggesting a potentially positive outlook on the company's valuation.

Risks

• David Sandberg disclaims beneficial ownership of the shares, except to the extent of their pecuniary interest, which could indicate a limited personal stake.
• The transactions were executed in multiple trades at varying prices, which could introduce volatility.

Management Comments

• David Sandberg disclaims beneficial ownership of all securities reported herein, except to the extent of their pecuniary interest therein.

Industry Context

This filing indicates investment activity in the airline sector, which is sensitive to economic conditions, fuel prices, and travel demand. Further analysis would be required to determine if this is an isolated event or part of a broader trend.

Comparison to Industry Standards

• It's difficult to compare this specific transaction to industry standards without knowing the overall investment strategy of Red Oak Partners and the specific circumstances of Global Crossing Airlines Group Inc.
• However, similar filings for other airlines, such as Delta, United, or Southwest, could provide a benchmark for insider trading activity and ownership percentages.
• For example, comparing the percentage of shares owned by Red Oak Partners to the percentage owned by institutional investors in other airlines could offer insights.

Stakeholder Impact

• The increased investment by Red Oak Partners could positively impact shareholder confidence.
• The transactions could potentially influence the company's stock price.

Key Dates