RED OAK PARTNERS LLC FILES REPORT IN RESPECT OF GLOBAL CROSSING AIRLINES GROUP INC.
BOCA RATON, Fla., Nov. 11, 2025 /CNW/ - Red Oak Partners LLC ("Red Oak Partners"), a Florida limited liability company, is an investment advisor that furnishes investment advice to and manages certain investment funds, including The Red Oak Fund, LP and The Red Oak Long Fund, LP (together, the "Funds"). Red Oak Partners filed a report today amending the information disclosed in the alternative monthly report filed on behalf of the Funds on March 10, 2025, in connection with an agreement entered into by the Funds on November 7, 2025, to dispose of certain securities of Global Crossing Airlines Group Inc. (the "Issuer"). Red Oak Partners is voluntarily ceasing to file reports in accordance with the alternative monthly reporting system under Part 4 of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues for the Issuer.
On November 7, 2025, the Funds entered into a private agreement to sell 398,020 common shares of the Issuer (the "Common Shares"), 1,101,980 Class A Non-Voting Common Shares of the Issuer and 1,500,000 warrants exercisable into Common Shares (the "Warrants").
Prior to entering into the agreement, the Funds owned a total of (i) 9,625,667 Common Shares, representing an aggregate of approximately 19.2% of the then total number of Common Shares outstanding, (ii) 16,500 Class B Non-Voting Common Shares (which are convertible into Common Shares, subject to a non-citizen limitation), representing an aggregate of approximately 0.2% of the then total number of Class B Non-Voting Common Shares outstanding and an aggregate of approximately 19.2% of the Common Shares (assuming conversion of the Class B Non-Voting Common Shares), (iii) 5,537,313 Class A Non-Voting Common Shares (which are convertible into Common Shares but may not be converted to the extent that, after giving effect to such conversion, the holder thereof would beneficially own in excess of 4.99% of the issued and outstanding Common Shares), and (iv) 7,537,313 Warrants (which are convertible into Common Shares but may not be converted to the extent that, after giving effect to such conversion, the holder thereof would beneficially own in excess of 4.99% of the issued and outstanding Common Shares).
Following the completion of the Transaction, the Funds will own a total of (i) 9,227,647 Common Shares, representing an aggregate of approximately 18.4% of the total number of Common Shares outstanding, (ii) 16,500 Class B Non-Voting Common Shares, representing an aggregate of approximately 0.2% of the total number of Class B Non-Voting Common Shares outstanding and an aggregate of approximately 18.4% of the Common Shares (assuming conversion of the Class B Non-Voting Common Shares), (iii) 4,435,333 Class A Non-Voting Common Shares, representing an aggregate of approximately 80.0% of the total number of Class A Non-Voting Common Shares outstanding, and (iv) 6,037,313 Warrants.
Red Oak Partners exercises control or direction over all Common Shares, and other securities of the Issuer referred to in this report, on behalf of the Funds. From time to time, Red Oak Partners will review the Funds' investments in the Common Shares and other securities and, subject to applicable law and regulation and depending upon certain factors, including, without limitation, the financial performance of the Issuer, the availability and price of the Common Shares or other securities of the Issuer, and other general market and investment conditions, Red Oak Partners may determine to acquire additional Common Shares or securities through open market purchases or otherwise, or sell Common Shares or securities through the open market or otherwise. Such transactions may take place at any time and without prior notice
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Global Crossing is a corporation formed under the laws of Delaware and provides air transport services in the United States, Europe, Canada and Central and South America. Its head office is located at 4200 NW 36th Street, Building 5A, Miami International Airport, Miami, Florida, 33166.
Red Oak Partners is a Florida limited liability company, is an investment advisor that furnishes investment advice to and manages certain investment funds. Its head office is located at 40 SE 5th Street, Suite 502 Boca Raton, Florida 33432.
SOURCE Red Oaks Partners LLC