Welcome to our dedicated page for Spirit Airlines news (Ticker: SAVE), a resource for investors and traders seeking the latest updates and insights on Spirit Airlines stock.
Spirit Airlines, Inc. (NYSE: SAVE) is an ultra-low-cost carrier headquartered in the United States, known for its innovative business model known as the Bare Fare. The airline unbundles its base fares, allowing customers to pay separately for extras, such as baggage and seat assignments, thereby offering one of the most economical flying options in the Americas. This model provides customers the flexibility to choose and pay only for the amenities they need, making air travel more affordable and accessible to a broader market.
Spirit Airlines operates over 250 daily flights to more than 50 destinations across the U.S., Latin America, the Caribbean, and Canada. With a fleet recognized as one of the youngest and most fuel-efficient in the industry, Spirit aims to provide a reliable and environmentally friendly travel experience. The airline's fleet modernization and operational strategies are geared towards maintaining competitive costs and enhancing fuel efficiency.
In recent years, Spirit Airlines has achieved several milestones:
- Reported an operational load factor of 80.1% and a DOT on-time performance of 76.8% for Q4 2023.
- Expanded its fleet with the addition of new Airbus A320neo and A321neo aircraft, while maintaining one of the youngest fleets in the industry.
- Moved its corporate headquarters to a new, expansive campus in Dania Beach, Florida, featuring state-of-the-art training facilities and office spaces.
- Reached a significant agreement with Airbus to defer aircraft deliveries, bolstering liquidity by approximately $340 million over two years.
The airline also focuses on community engagement through the Spirit Charitable Foundation, which supports various social causes. Spirit's recent initiatives include new route applications to enhance connectivity, such as the proposed nonstop service between San José Mineta International Airport and Ronald Reagan Washington National Airport, which aims to provide Silicon Valley with direct access to the nation's capital.
Financially, Spirit Airlines is undergoing strategic adjustments to improve its revenue and operational efficiency. The company reported a net loss for Q4 2023 but expects a recovery driven by its tactical changes and improved booking trends. With a strong cash position of $1.3 billion by year-end 2023, Spirit is poised to navigate the competitive airline industry landscape effectively.
Spirit Airlines (NYSE: SAVE) announces new nonstop service from San Antonio International Airport to Las Vegas and Orlando, starting November 17, 2022. This service will provide daily flights, enhancing travel options for families at a special introductory fare of $89 one-way, available for bookings made 21 days in advance. With this expansion, Spirit becomes the fourth Texas airport served by the airline, aiming to strengthen its foothold in the state. The move comes alongside the recent addition of a new aircraft maintenance facility in Houston.
Discovery Capital Management has urged Spirit Airlines' Board to change the record date for voting on the proposed merger with Frontier Airlines, set for July 15, 2022. Currently, over 55% of Spirit's outstanding shares are unable to vote due to a record date of May 6, 2022. They argue this disenfranchises current shareholders, particularly as JetBlue has continued to enhance its competing bid. Discovery emphasizes that JetBlue's offer is superior and encourages Spirit to abandon the Frontier merger in favor of JetBlue, highlighting potential economic rights loss for shareholders.
JetBlue (NASDAQ: JBLU) expressed encouragement following discussions with Spirit (NYSE: SAVE) regarding the adjournment of Spirit's special meeting. CEO Robin Hayes stated that Spirit shareholders showed a strong preference for JetBlue's proposed agreement over the Frontier transaction. JetBlue urges Spirit shareholders to vote against Frontier's deal, promoting the superior value JetBlue claims to offer. Notably, Goldman Sachs is acting as JetBlue's financial advisor, while legal advice comes from Shearman & Sterling LLP.
Spirit Airlines (NYSE:SAVE) has announced a decision to reopen and immediately adjourn its Special Meeting of Stockholders regarding the proposed merger with Frontier Group Holdings (NASDAQ:ULCC). The meeting, originally scheduled for July 8, 2022, will be reconvened on July 15, 2022, at 11:00 am ET. This adjournment allows the Spirit Board to continue discussions with both Frontier and JetBlue (NASDAQ:JBLU) while soliciting proxies from stockholders. Stockholders of record as of May 6, 2022, are entitled to vote and should submit proxies promptly.
JetBlue (NASDAQ: JBLU) announced an extension of its tender offer to purchase all outstanding shares of Spirit Airlines, Inc. (NYSE: SAVE) at $30.00 per share. The expiration date has been moved to 5:00 p.m. New York City time on July 29, 2022, from the previous June 30, 2022 deadline. As of June 29, 2022, 12,904,319 shares were validly tendered. All other terms of the offer remain unchanged. Stockholders are advised to read the tender offer materials filed with the SEC for important information.
JetBlue (NASDAQ: JBLU) has welcomed the Spirit (NYSE: SAVE) Board's decision to adjourn its special meeting, reflecting shareholder opposition to the Frontier transaction. JetBlue urges Spirit shareholders to reject the Frontier deal and pursue its superior proposal. A potential merger between JetBlue and Spirit could create a strong competitor against legacy carriers, benefiting customers and employees. JetBlue's financial advisors include Goldman Sachs & Co. LLC and Shearman & Sterling LLP.
Spirit Airlines plans to adjourn its Special Meeting of Stockholders originally scheduled for June 30, 2022, to allow further discussions with Frontier and JetBlue regarding a proposed merger. The meeting will reconvene on July 8, 2022, at 11:00 AM ET. Stockholders recorded as of May 6, 2022, are eligible to vote, and those who wish to change their votes are encouraged to submit proxies promptly. Spirit invites stakeholders to follow updates through the SEC filings related to the tender offer.
JetBlue (NASDAQ: JBLU) asserts that its acquisition proposal for Spirit (NYSE: SAVE) is vastly superior to Frontier's (NASDAQ: ULCC) offer, emphasizing all-cash benefits, higher upfront value, and a commitment to customer competition against major airlines. JetBlue's strategy promotes lower fares and enhanced experiences for travelers, alongside greater job opportunities for employees. Analysts support JetBlue's bid while expressing skepticism about Spirit's financial projections under Frontier. JetBlue calls for Spirit shareholders to reject the Frontier deal and back its proposal.
JetBlue (NASDAQ: JBLU) has shared a letter with its Crewmembers ahead of the Spirit (NYSE: SAVE) special shareholder meeting scheduled for June 30. The letter highlights JetBlue's commitment to acquiring Spirit, asserting that a merger could create a stronger competitor to legacy airlines. If Spirit shareholders reject the Frontier merger, JetBlue's offer remains viable. The letter emphasizes the potential for growth and increased career opportunities for JetBlue employees. JetBlue's CEO expresses confidence in the outcome, portraying the company's future as bright regardless of the merger's result.
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