Eight executives at Spirit Airlines (NK, Fort Lauderdale International) acquired chunks of the airline’s common stock on March 4, the same day the company announced the termination of its merger agreement with JetBlue Airways (B6, New York JFK), according to several Form 4 insider filings submitted to the United States Securities and Exchange Commission, ch-aviation research has revealed.
The C-level executives spent USD70,412 on the common shares which were priced at USD5.76 per share:
- Rocky Wiggins, SVP and chief information officer, acquired 1,248 shares, spending USD7,188.48;
- Edward M. Christie, president and CEO, acquired 2,252 shares, spending USD12,971.52;
- Matthew Klein, EVP and CCO, acquired 3,277 shares, spending USD18,875.52;
- Scott Haralson, EVP and chief financial officer, acquired 1,011 shares, spending USD5,828.36;
- John A. Bendoraitis, EVP and chief operating officer, acquired 2,821 shares, spending USD13,138.56;
- Kevin Blake Vanier, VP finance and strategy, acquired 1,058 shares, spending USD6,094.08;
- Brian J. McMenamy, VP and chief accounting officer, acquired 131 shares, spending USD745.56; and
- Thomas C. Canfield, SVP general counsel and secretary, acquired 967 shares, spending USD5,569.92.
The stock price of Spirit Airlines has plummeted this year from USD16.35 in early January to around USD5 (and from a maximum price of USD84.25 in December 2014). The airline’s future has been questioned in numerous media reports following the termination of the planned tie-up amid claims that the carrier and its bondholders have been recruiting advisers ahead of possible debt negotiations. Spirit reportedly owes over USD1 billion in notes that are coming due in 2025 and 2026.
