Andrew Axelrod - Aug 2, 2023 Form 3 Insider Report for Global Crossing Airlines Group Inc. (JETMF)

Role
Director, 10%+ Owner
Signature
/s/ Martin T. Schrier, as Attorney-in-Fact for Andrew Axelrod
Stock symbol
JETMF
Transactions as of
Aug 2, 2023
Transactions value $
$0
Form type
3
Date filed
8/31/2023, 10:03 AM
Previous filing
Nov 7, 2022
Next filing
Dec 26, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding JETMF Warrants to purchase Common Stock Aug 2, 2023 Common Stock 5M $1.00 See footnotes F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of his or its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
F2 Andrew Axelrod serves as the sole member of Axar GP, LLC, a Delaware limited liability company (the "GP"), which is the general partner of Axar Capital Management, L.P., a Delaware limited partnership, that serves as the investment manager (the "Investment Manager") to certain funds and/or managed accounts (collectively, the "Axar Vehicles"), with respect to these warrants (and any common stock received upon exericise thereof) held by the Axar Vehicles.

Remarks:

Exhibit No. 24.1 Power of Attorney. Because Mr. Axelrod serves on the board of directors of the Issuer as a representative of the Reporting Persons, each of the Investment Manager and the GP may be deemed a director of the Issuer by deputization of Mr. Axelrod.