Form 4: Red Oak Partners Sells Global Crossing Airlines Shares in Short-Swing Transaction

Red Oak Partners, a significant shareholder in Global Crossing Airlines, sold 1,162,500 shares in a short-swing transaction, resulting in a profit that will be returned to the company.

Summary

• Red Oak Partners, LLC, through its affiliated funds, The Red Oak Fund, LP and The Red Oak Long Fund, LP, sold a total of 1,162,500 shares of Global Crossing Airlines Group Inc. common stock on December 19, 2024.
• The shares were sold at a price of $0.46 per share.
• These sales were matched against purchases made on July 16, 2024, at prices ranging from $0.435 to $0.45 per share.
• This short-swing transaction resulted in a profit of $11,925, which Red Oak Partners has agreed to return to Global Crossing Airlines.
• Following the transaction, The Red Oak Fund, LP directly owns 5,013,221 shares and The Red Oak Long Fund, L.P. directly owns 2,612,446 shares.
• The Red Oak Fund, LP also holds 10,868 Class B Non-Voting Common Stock and The Red Oak Long Fund, L.P. holds 5,632 Class B Non-Voting Common Stock.

Sentiment

Score: 5

Explanation: The document details a standard transaction with a minor negative impact due to the share sale, but this is offset by the return of profits. The overall sentiment is neutral.

Positives

• Red Oak Partners is returning the $11,925 profit from the short-swing transaction to Global Crossing Airlines, which is a positive for the company.

Negatives

• The sale of 1,162,500 shares by a major shareholder could be perceived negatively by the market.

Risks

• The short-swing transaction and subsequent return of profits may raise questions about the timing of Red Oak Partners' trades.
• Continued sales by major shareholders could put downward pressure on the stock price.

Management Comments

• David Sandberg is the managing member of Red Oak Partners, LLC and the portfolio manager for both The Red Oak Fund, LP and The Red Oak Long Fund, LP.

Industry Context

This transaction is specific to the trading activity of a major shareholder in Global Crossing Airlines and does not necessarily reflect broader industry trends.

Comparison to Industry Standards

• Short-swing profit rules are a standard part of securities regulations, and the return of profits by Red Oak Partners is in line with these regulations.
• The transaction is similar to other instances where major shareholders sell shares, but the return of profits due to short-swing rules is a specific circumstance.

Stakeholder Impact

• The share sale could have a minor negative impact on shareholders due to potential downward pressure on the stock price.
• The return of profits from the short-swing transaction is a positive for the company and its shareholders.

Key Dates

Keywords

Global Crossing Airlines, Red Oak Partners, share sale, short-swing transaction, beneficial ownership, stock sale, JETMF