Spirit Airlines is going public once again, with plans to be listed on the NYSE American exchange. This is the latest twist for the beleaguered ultra-low-cost carrier (ULCC) which declared bankruptcy late last year.
Spirit Airlines is Going Public Again
The airline announced today in a press release that it’s parent company, Spirit Aviation Holdings, Inc. has received approval to list its common stock on the NYSE American stock exchange. Note that the NYSE American is separate from the New York Stock Exchange (NYSE), though both are operated by Intercontinental Exchange.
The Dania Beach, Florida based ULCC will be listed under the symbol “FLYY”. The carrier was previously traded under the “SAVE” symbol before being privatized earlier this year as part of its reorganization.
Dave Davis, Spirit’s new President and Chief Executive Officer, said this about the listing:
“Listing our common stock on the NYSE American is an important next step in Spirit’s continued transformation as we remain focused on returning to profitability and positioning our airline for long-term success.”
The airline expects trading to begin at market open on April 29, 2025.
What in the World is Going on Here?
When this announcement was made I had to check my calendar to make sure this wasn’t an April Fool’s joke. After emerging from bankruptcy protection the carrier has continued to hemorrhage cash and its leaders rejected multiple merger proposals from fellow ULCC Frontier Airlines.
I can’t imagine that there is much demand for this stock, especially given current market conditions related to air travel. I’m interested to see how the stock trades once it is listed on April 29th but I can’t imagine that there is much value here for investors.
While I saw a few different outcomes for the airline after it emerged from bankruptcy, this certainly isn’t one of them. Who in the world is planning to purchase Spirit stock?
Summary
The parent company of Spirit Airlines is going public once again. The stock will be listed on the NYSE American under the symbol “FLYY” and is set to begin trading on April 29, 2025. I’ll be watching this closely to see how it performs.