SCHEDULE: Cyrus Capital Discloses 8.6% Stake in Spirit Aviation

Cyrus Capital Partners and its affiliates have disclosed an 8.6% beneficial ownership stake in Spirit Aviation Holdings, Inc., totaling 2,147,586 shares.

Summary

• Cyrus Capital Partners, L.P., Cyrus Capital Partners GP, L.L.C., and Stephen C. Freidheim collectively reported beneficial ownership of 2,147,586 shares of Spirit Aviation Holdings, Inc. Common Stock.
• This ownership represents 8.6% of the Issuer's outstanding Common Stock.
• The reported shares include 383,962 shares of Common Stock issuable upon the exercise of warrants.
• The percentage of class is calculated based on an aggregate of 24,575,014 shares of Common Stock outstanding as of May 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended March 31, 2025.
• The Reporting Persons hold shared voting and shared dispositive power over all 2,147,586 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.
• Cyrus Polaris LLC, a Cyrus Fund, has the right to receive or direct the receipt of dividends or proceeds from the sale of more than 5% of the Common Stock.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would inherently indicate positive or negative sentiment regarding the company's performance or prospects.

Positives

• NA

Negatives

• NA

Risks

• The filing itself does not detail specific company risks, but rather discloses a significant ownership stake.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the Issuer's future outlook.

Industry Context

This filing is a standard disclosure of a significant ownership stake by an investment firm in a publicly traded company. It does not provide broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional investor's stake may be viewed positively as a vote of confidence or as a potential precursor to future engagement, though the filing states the stake is passive.
• Management: Awareness of a significant shareholder may influence strategic considerations, though the filing states the stake is passive and not for control.

Next Steps

• Future amendments to this Schedule 13G will be filed on behalf of each Reporting Person.

Key Dates

Keywords

Spirit Aviation Holdings, Cyrus Capital Partners, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Investment Adviser, Aviation