Andrew Axelrod - Dec 21, 2023 Form 4 Insider Report for Global Crossing Airlines Group Inc. (JETMF)

Role
Director, 10%+ Owner
Signature
/s/ Andrew Axelrod
Stock symbol
JETMF
Transactions as of
Dec 21, 2023
Transactions value $
$0
Form type
4
Date filed
12/26/2023, 05:10 PM
Previous filing
Aug 31, 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
transaction JETMF Warrants to purchase Common Stock Disposed to Issuer $0 -1.23M -24.67% $0.00 3.77M Dec 21, 2023 Common Stock 1.23M $1.00 See footnote F1, F2
transaction JETMF Warrants to purchase Common Stock Award $0 +1.43M +37.93% $0.00 5.2M Dec 21, 2023 Common Stock 1.43M $1.00 See footnote 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 exercise thereof) held by the Axar Vehicles.

Remarks:

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.