AIR Global PLC received a Schedule 13G reporting a large passive ownership position by a group of Kingsway-managed investment vehicles and Manuel Stotz. As of June 30, 2026, the reporting persons collectively beneficially owned 97,404,379 Ordinary Shares of AIR Global PLC, based on 160,386,602 Ordinary Shares outstanding as of May 15, 2026. This represents 60.7% of the outstanding class. The shares are held across several Kingsway entities, including Kingsway Fund Frontier Consumer Franchises and multiple Kingsway FCF Overflow SPC segregated portfolios. The ownership includes 4,638,302 earnout shares that may be redesignated, redeemed, or cancelled if vesting conditions are not met within five years after May 15, 2026. Kingsway Capital Partners Limited acts as investment manager to the Kingsway entities, and Manuel Stotz, as its Chief Executive Officer and control person, has voting and investment control, resulting in shared voting and dispositive power over the reported shares.
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Key Figures
Total shares outstanding:160,386,602 Ordinary SharesTotal shares beneficially owned:97,404,379 Ordinary SharesOwnership percentage:60.7%+3 more
6 metrics
Total shares outstanding160,386,602 Ordinary SharesOutstanding as of May 15, 2026
Total shares beneficially owned97,404,379 Ordinary SharesBeneficially owned by Kingsway reporting persons as of June 30, 2026
Ownership percentage60.7%Percent of AIR Global PLC Ordinary Shares class held by reporting persons
Kingsway Fund Frontier Consumer Franchises46,876,625 Ordinary SharesShares held by Kingsway Fund Frontier Consumer Franchises
Kingsway FCF Overflow SPC - Segregated Portfolio One30,921,786 Ordinary SharesShares held by Segregated Portfolio One
Earnout shares included4,638,302 Ordinary SharesEarnout shares subject to vesting conditions over five years after May 15, 2026
"The ownership information presented below represents beneficial ownership of Ordinary Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
earnout sharesfinancial
"Such Ordinary Shares include 4,638,302 earnout shares that are subject to redesignation"
Earnout shares are company stock promised to sellers as part of an acquisition that only becomes payable if the acquired business hits agreed future performance targets, like revenue or profit goals. They matter to investors because they can increase the number of shares outstanding (dilution), tie seller incentives to future success, and create uncertainty about the actual cost of the deal and future ownership unless the performance conditions are clearly understood.
shared voting powerfinancial
"6 | Shared Voting Power 46,876,625.00 7 | Sole Dispositive Power 0.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"8 | Shared Dispositive Power 97,404,379.00 9 97,404,379.00"
Schedule 13Gregulatory
"The ownership information presented below represents beneficial ownership ... filed on Schedule 13G"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
FAQ
What percentage of AIR Global PLC (AIIR) does the Kingsway group report owning?
The Kingsway reporting persons collectively report beneficial ownership of 60.7% of AIR Global PLC’s Ordinary Shares, representing 97,404,379 shares out of 160,386,602 shares outstanding as of May 15, 2026.
How many AIR Global PLC (AIIR) shares are held by each Kingsway entity?
Kingsway entities hold 46,876,625, 30,921,786, 2,567,069, 6,064,204, and 10,974,695 AIR Global PLC Ordinary Shares, respectively, across Kingsway Fund Frontier Consumer Franchises and four Kingsway FCF Overflow SPC segregated portfolios.
Who controls voting and investment decisions for the AIR Global PLC (AIIR) shares reported?
Kingsway Capital Partners Limited is the investment manager for the Kingsway entities, and Manuel Stotz, its Chief Executive Officer and control person, has voting and investment control over the reported AIR Global PLC shares.
What are the earnout shares mentioned in the AIR Global PLC (AIIR) Schedule 13G?
The position includes 4,638,302 earnout shares of AIR Global PLC that may be redesignated, redeemed or cancelled if specified vesting conditions are not satisfied within five years after May 15, 2026.
What is the total number of AIR Global PLC (AIIR) shares outstanding used in the ownership calculation?
The ownership percentages are calculated using 160,386,602 Ordinary Shares outstanding of AIR Global PLC, as disclosed in its Annual Report on Form 20-F, with that figure stated as of May 15, 2026.
Does the Kingsway group have sole or shared voting power over AIR Global PLC (AIIR) shares?
The Kingsway entities and related reporting persons report 0 shares of sole voting power and 97,404,379 shares of shared voting power, matching the shares over which they also report shared dispositive power.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AIR Global PLC
(Name of Issuer)
Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G0180Y100
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Kingsway Fund Frontier Consumer Franchises
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
LUXEMBOURG
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
46,876,625.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
46,876,625.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
46,876,625.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
29.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Kingsway FCF Overflow SPC - Segregated Portfolio One
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
30,921,786.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
30,921,786.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
30,921,786.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
19.3 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Kingsway FCF Overflow SPC - Segregated Portfolio Two
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,567,069.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,567,069.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,567,069.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Kingsway FCF Overflow SPC - Segregated Portfolio Five
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,064,204.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,064,204.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,064,204.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.8 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Kingsway FCF Overflow SPC - Segregated Portfolio Six
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,974,695.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
10,974,695.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10,974,695.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.8 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Kingsway Capital Partners Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
97,404,379.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
97,404,379.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
97,404,379.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
60.7 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
G0180Y100
1
Names of Reporting Persons
Manuel Stotz
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GERMANY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
97,404,379.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
97,404,379.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
97,404,379.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
60.7 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
AIR Global PLC
(b)
Address of issuer's principal executive offices:
Festival Office Tower, Dubai Festival City, 7th Floor, Office No. 700, Dubai, United Arab Emirates
Item 2.
(a)
Name of person filing:
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
Kingsway Fund Frontier Consumer Franchises
Kingsway FCF Overflow SPC - Segregated Portfolio One
Kingsway FCF Overflow SPC - Segregated Portfolio Two
Kingsway FCF Overflow SPC - Segregated Portfolio Five
Kingsway FCF Overflow SPC - Segregated Portfolio Six
Kingsway Capital Partners Limited
Manuel Stotz
(b)
Address or principal business office or, if none, residence:
The business address of Kingsway Fund Frontier Consumer Franchises is 15 Avenue J.F. Kennedy, L-1855 Luxembourg.
The business address of Kingsway FCF Overflow SPC - Segregated Portfolio One, Kingsway FCF Overflow SPC - Segregated Portfolio Two, Kingsway FCF Overflow SPC - Segregated Portfolio Five, and Kingsway FCF Overflow SPC - Segregated Portfolio Six is c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.
The business address of Kingsway Capital Partners Limited and Manuel Stotz is 9th Floor Smithson Tower, 25 St James's Street, London, SW1A 1HA, United Kingdom.
(c)
Citizenship:
Kingsway Fund Frontier Consumer Franchises is organized under the laws of Luxembourg. Kingsway FCF Overflow SPC - Segregated Portfolio One, Kingsway FCF Overflow SPC - Segregated Portfolio Two, Kingsway FCF Overflow SPC - Segregated Portfolio Five, and Kingsway FCF Overflow SPC - Segregated Portfolio Six are organized under the laws of the Cayman Islands. Kingsway Capital Partners Limited is organized under the laws of the United Kingdom. Mr. Stotz is a citizen of Germany.
(d)
Title of class of securities:
Ordinary Shares, par value $0.0001 per share
(e)
CUSIP Number(s):
G0180Y100
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The ownership information presented below represents beneficial ownership of Ordinary Shares of the Issuer as of June 30, 2026, based upon 160,386,602 shares of Ordinary Shares outstanding as of May 15, 2026, as disclosed in the Issuer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 21, 2026.
The Reporting Persons beneficially own (i) 46,876,625 Ordinary Shares held by Kingsway Fund Frontier Consumer Franchises, (ii) 30,921,786 Ordinary Shares held by Kingsway FCF Overflow SPC - Segregated Portfolio One, (iii) 2,567,069 Ordinary Shares held by Kingsway FCF Overflow SPC - Segregated Portfolio Two, (iv) 6,064,204 Ordinary Shares held by Kingsway FCF Overflow SPC - Segregated Portfolio Five, and (v) 10,974,695 Ordinary Shares held by Kingsway FCF Overflow SPC - Segregated Portfolio Six (collectively, the "Kingsway Entities"). Such Ordinary Shares include 4,638,302 earnout shares that are subject to redesignation, redemption or cancellation if certain vesting conditions are not met prior to the end of the five-year period following May 15, 2026. Kingsway Capital Partners Limited acts as the investment manager of each of the Kingsway Entities. Manuel Stotz, as Chief Executive Officer and control person of Kingsway Capital Partners Limited, has voting and investment control of the shares held by each of the Kingsway Entities. As such, Kingsway Capital Partners Limited and Mr. Stotz may be deemed to be the beneficial owners of such shares held by the Kingsway Entities.
(b)
Percent of class:
The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4.
(ii) Shared power to vote or to direct the vote:
The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4.
(iii) Sole power to dispose or to direct the disposition of:
The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4.
(iv) Shared power to dispose or to direct the disposition of:
The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Kingsway Fund Frontier Consumer Franchises
Signature:
by Kingsway Capital Partners Limited, its investment manager, /s/ Manuel Stotz
Name/Title:
Manuel Stotz, Chief Executive Officer
Date:
08/11/2026
Kingsway FCF Overflow SPC - Segregated Portfolio One
Signature:
by Kingsway Capital Partners Limited, its investment manager, /s/ Manuel Stotz
Name/Title:
Manuel Stotz, Chief Executive Officer
Date:
08/11/2026
Kingsway FCF Overflow SPC - Segregated Portfolio Two
Signature:
by Kingsway Capital Partners Limited, its investment manager, /s/ Manuel Stotz
Name/Title:
Manuel Stotz, Chief Executive Officer
Date:
08/11/2026
Kingsway FCF Overflow SPC - Segregated Portfolio Five
Signature:
by Kingsway Capital Partners Limited, its investment manager, /s/ Manuel Stotz
Name/Title:
Manuel Stotz, Chief Executive Officer
Date:
08/11/2026
Kingsway FCF Overflow SPC - Segregated Portfolio Six
Signature:
by Kingsway Capital Partners Limited, its investment manager, /s/ Manuel Stotz
Name/Title:
Manuel Stotz, Chief Executive Officer
Date:
08/11/2026
Kingsway Capital Partners Limited
Signature:
by Kingsway Capital Partners Limited, its investment manager, /s/ Manuel Stotz
