Azul S.A. transfers ADS listing to NYSE

Azul S.A. is removing its American Depositary Shares (ADSs) and common shares from listing on NYSE American LLC under Section 12(b) of the Exchange Act.

Rhea-AI Filing Summary

Azul S.A. is removing its American Depositary Shares (ADSs) and common shares from listing on NYSE American LLC under Section 12(b) of the Exchange Act. This is a voluntary delisting following the listing of these securities on New York Stock Exchange LLC.

The listing of Azul’s ADSs and common shares on the New York Stock Exchange became effective on July 9, 2026, which was also the first trading day for the ADSs on that exchange under the symbol “AZUL”. Each ADS represents two common shares of Azul S.A.

Filing Explained

The July 16 Form 25 documents a notification of voluntary removal from NYSE American, while confirming that Azul’s replacement NYSE listing became effective on July 9, 2026; it does not state that the NYSE American removal itself was completed.

Sources and calculations

• Azul S.A. Form 25 Notification of Removal from Listing (2026-07-16)

Key Figures

ADS-to-share ratio: 2 common shares per ADS NYSE listing effective date: July 9, 2026 First NYSE trading day: July 9, 2026 +1 more

4 metrics

ADS-to-share ratio 2 common shares per ADS Each American Depositary Share represents two common shares, no par value

NYSE listing effective date July 9, 2026 Listing of ADSs and common shares on New York Stock Exchange LLC became effective

First NYSE trading day July 9, 2026 First day of trading of the ADSs on New York Stock Exchange LLC under symbol “AZUL”

Form signature date July 16, 2026 Notification signed by the Chief Executive Officer and Director

Key Terms

Form 25, voluntary delisting, American Depositary Shares, NYSE American LLC, +1 more

5 terms

Form 25 regulatory

"FORM 25 NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION"

A Form 25 is an official filing with the U.S. Securities and Exchange Commission used to remove a company's stock or other security from a national exchange list. Investors should care because delisting often means less visibility, lower trading volume and wider price swings—similar to a product moving from a major supermarket to a small local market, which can make buying, selling and valuing the security more difficult.

voluntary delisting regulatory

"The voluntary delisting of American Depositary Shares, each representing two common shares"

Voluntary delisting is when a company chooses to remove its shares from a public stock exchange so they no longer trade on that market. For investors this matters because it can make shares harder to buy or sell, reduce public disclosure and price transparency, and often signals a shift in strategy such as going private or moving to a smaller trading venue—similar to a store closing its high‑street shop but continuing to sell by appointment.

American Depositary Shares financial

"The voluntary delisting of American Depositary Shares, each representing two common shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

NYSE American LLC market

"common shares, no par value, of Azul S.A. from NYSE American LLC"

NYSE American LLC is a U.S. securities exchange where shares and certain options are listed and traded, with a focus on smaller and mid-sized companies and specific listing rules and trading features. For investors, the exchange matters because it shapes how easily a stock can be bought or sold, the pool of buyers and sellers and the transparency and oversight around trading—like a marketplace that sets the stalls, hours and quality checks that affect liquidity and risk.

New York Stock Exchange LLC market

"result of the listing of the ADSs and the common shares on New York Stock Exchange LLC"

FAQ

What listing change does Azul S.A. (AZUL) report in this Form 25?

Azul S.A. reports a voluntary delisting of its American Depositary Shares and common shares from NYSE American LLC, following their listing on New York Stock Exchange LLC.

When did Azul S.A. (AZUL) ADSs begin trading on the New York Stock Exchange?

Azul’s ADSs first traded on July 9, 2026 on New York Stock Exchange LLC. The listing of both ADSs and common shares on that exchange was effective the same day.

What is the trading symbol for Azul S.A. ADSs on the New York Stock Exchange?

Azul S.A.’s American Depositary Shares trade on New York Stock Exchange LLC under the symbol “AZUL”. The first trading day on that exchange was July 9, 2026.

Which Azul S.A. securities are being delisted from NYSE American in this filing?

The filing covers the voluntary delisting from NYSE American LLC of American Depositary Shares, each representing two common shares, and the underlying common shares of Azul S.A.

How many Azul S.A. common shares does each ADS represent?

Each American Depositary Share of Azul S.A. represents two (2) common shares, with no par value. This ratio applies to the ADSs that trade under the symbol AZUL on the New York Stock Exchange.

Is Azul S.A.’s delisting from NYSE American mandatory or voluntary?

The removal of Azul S.A.’s securities from NYSE American LLC is described as a voluntary delisting, undertaken after the ADSs and common shares were listed on New York Stock Exchange LLC.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 25

NOTIFICATION OF REMOVAL FROM LISTING

AND/OR REGISTRATION UNDER SECTION 12(b)

OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission File Number 001-38049

Azul S.A.

NYSE American LLC

(Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered)  

Edifício Jatobá, 8th Floor, Castelo Branco Office Park

Avenida Marcos Penteado de Ulhôa Rodrigues, 939

Tamboré, Barueri, São Paulo, SP 06460-040, Brazil

+55 (11) 4831 2880

(Address, including zip code, and telephone number, including area code, of Issuer’s principal executive offices)

American Depositary Shares, each ADS representing two (2) common shares, no par value

Common shares, no par value

(Description of class of securities)

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

☐ 17 CFR 240.12d2-2(a)(1) 

☐ 17 CFR 240.12d2-2(a)(2) 

☐ 17 CFR 240.12d2-2(a)(3) 

☐ 17 CFR 240.12d2-2(a)(4) 

☐ Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.1

☒ Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with the rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

Pursuant to the requirements of the Securities Exchange Act of 1934, Azul S.A. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing the Form 25 and has caused this notification to be signed on its behalf by the undersigned duly authorized person.

July 16, 2026		By		/s/ John Peter Rodgerson		Chief Executive Officer and Director
Date				Name		Title

1 Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR 240.19d-1 as applicable. See General Instructions.

The voluntary delisting of American Depositary Shares, each representing two common shares, no par value, of Azul S.A. (the “ADSs”) and common shares, no par value, of Azul S.A. (the “common shares”) from NYSE American LLC is a result of the listing of the ADSs and the common shares on New York Stock Exchange LLC, which was effective on July 9, 2026. The first day of trading of the ADSs on New York Stock Exchange LLC under the symbol “AZUL” was July 9, 2026.