Avis Budget Group (CAR) call option sales reported by Pentwater funds
Filing Impact
Filing Sentiment
Form Type
4/A
Rhea-AI Filing Summary
Avis Budget Group, Inc. received an amended insider report from Pentwater-affiliated entities detailing derivative sales tied to its stock. Pentwater Capital Management LP and Matthew Halbower, each a ten percent owner, filed a Form 4/A covering call option positions held by various Pentwater-managed funds.
On April 23, 2026, these funds executed 30 open-market sales of call options referencing Avis Budget Group common stock, totaling 307 call option contracts. Sale prices ranged from $10.21 to $46.96 per contract, with conversion or exercise prices between $250 and $300 and expirations in April 2026 and June 2026. Footnotes state the trades were made by specific funds, such as Pentwater Merger Arbitrage Master Fund Ltd., Oceana Master Fund Ltd., and others, and that the options are exercisable at any time.
The reporting persons disclaim beneficial ownership beyond their pecuniary interest, if any. They also note they are in discussions with Avis Budget Group and, to the extent required under Section 16(b), will voluntarily pay any realized short swing profits.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 307 shares ($8,472)
Net Sell
30 txns
Insider
Pentwater Capital Management LP, Halbower Matthew
Role
null | null
Sold
307 shs ($8K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call Option (obligation to sell) | 7 | $17.22 | $120.54 |
| Sale | Call Option (obligation to sell) | 4 | $17.22 | $68.88 |
| Sale | Call Option (obligation to sell) | 32 | $17.22 | $551.04 |
| Sale | Call Option (obligation to sell) | 10 | $10.21 | $102.10 |
| Sale | Call Option (obligation to sell) | 2 | $10.21 | $20.42 |
| Sale | Call Option (obligation to sell) | 2 | $10.21 | $20.42 |
| Sale | Call Option (obligation to sell) | 14 | $10.21 | $142.94 |
| Sale | Call Option (obligation to sell) | 8 | $10.21 | $81.68 |
| Sale | Call Option (obligation to sell) | 64 | $10.21 | $653.44 |
| Sale | Call Option (obligation to sell) | 5 | $46.96 | $234.80 |
| Sale | Call Option (obligation to sell) | 1 | $46.96 | $46.96 |
| Sale | Call Option (obligation to sell) | 1 | $46.96 | $46.96 |
| Sale | Call Option (obligation to sell) | 7 | $46.96 | $328.72 |
| Sale | Call Option (obligation to sell) | 4 | $46.96 | $187.84 |
| Sale | Call Option (obligation to sell) | 32 | $46.96 | $2K |
| Sale | Call Option (obligation to sell) | 5 | $42.67 | $213.35 |
| Sale | Call Option (obligation to sell) | 1 | $42.67 | $42.67 |
| Sale | Call Option (obligation to sell) | 7 | $42.67 | $298.69 |
| Sale | Call Option (obligation to sell) | 4 | $42.67 | $170.68 |
| Sale | Call Option (obligation to sell) | 33 | $42.67 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $36.53 | $182.65 |
| Sale | Call Option (obligation to sell) | 1 | $36.53 | $36.53 |
| Sale | Call Option (obligation to sell) | 1 | $36.53 | $36.53 |
| Sale | Call Option (obligation to sell) | 7 | $36.53 | $255.71 |
| Sale | Call Option (obligation to sell) | 4 | $36.53 | $146.12 |
| Sale | Call Option (obligation to sell) | 32 | $36.53 | $1K |
| Sale | Call Option (obligation to sell) | 5 | $28.75 | $143.75 |
| Sale | Call Option (obligation to sell) | 1 | $28.75 | $28.75 |
| Sale | Call Option (obligation to sell) | 1 | $28.75 | $28.75 |
| Sale | Call Option (obligation to sell) | 7 | $28.75 | $201.25 |
Holdings After Transaction:
Call Option (obligation to sell) — 7 shares (Indirect, Pentwater Equity Opportunities Master Fund Ltd.)
Footnotes (1)
- This Form 4/A is filed by Pentwater Capital Management LP ("PCM") and Matthew Halbower ("Mr. Halbower") (collectively, the "Reporting Persons") with respect to securities held by certain funds (the "Pentwater Funds"), including the funds named herein, to which PCM serves as investment adviser. Mr. Halbower is the sole shareholder of MCH PWCM Holdings Inc., the general partner of PCM. Each of the foregoing disclaims beneficial ownership in the securities reported except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose. The Reporting Persons are in discussions with the Issuer and, to the extent required pursuant to Section 16(b), will voluntarily pay any realized short swing profits. The Reporting Persons are filing this Form 4/A solely to amend and restate footnotes 2-8 of the Form 4 as follows. Trades by Oceana Master Fund Ltd. Trades by Pentwater Credit Master Fund Ltd. Trades by LMA SPC for and on behalf of the MAP 98 Segregated Portfolio. Trades by Pentwater Equity Opportunities Master Fund Ltd. Trades by Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio. Trades by Pentwater Merger Arbitrage Master Fund Ltd. Exercisable at any time.
Key Figures
Derivative transactions: 30 call option sales
Options sold: 307 call option contracts
Option sale prices: $10.21–$46.96 per contract
+4 more
7 metrics
Derivative transactions
30 call option sales
Open-market derivative trades on April 23, 2026
Options sold
307 call option contracts
Total sellShares in transactionSummary
Option sale prices
$10.21–$46.96 per contract
Range of transaction prices for April 23, 2026 sales
Exercise prices
$250–$300
Conversion or exercise prices for call options
Expiration dates
April–June 2026
Option expiration dates including April 24 and June 18, 2026
Underlying shares example
3,200 underlying shares
Single 32-contract trade by Pentwater Merger Arbitrage Master Fund Ltd.
Transaction direction
Net sell of 307 contracts
transactionSummary netBuySellDirection and netBuySellShares
Key Terms
Call Option (obligation to sell), Form 4/A, short swing profits, Section 16(b), +1 more
5 terms
Call Option (obligation to sell) financial
"security_title: Call Option (obligation to sell)"
Form 4/A regulatory
"This Form 4/A is filed by Pentwater Capital Management LP"
Form 4/A is an amended filing that corrects or updates an earlier Form 4, the mandatory report that insiders (like company executives, directors, or large shareholders) must file when their ownership stakes change. Think of it as an edited receipt showing who bought or sold stock and when; investors use it to track insider confidence, detect potential conflicts, and spot trading patterns that might signal future company prospects.
short swing profits regulatory
"will voluntarily pay any realized short swing profits"
Section 16(b) regulatory
"to the extent required pursuant to Section 16(b)"
A federal rule that requires company insiders—like officers, directors and large shareholders—to return any profits made from buying and selling the company’s stock within a six-month window. It matters to investors because it discourages short-term trades that could exploit non-public information and helps protect outside shareholders by creating a simple, enforceable way to recover unfair gains, much like a rule stopping someone from flipping a limited-edition item for quick profit after getting early access.
ten percent owner regulatory
"is_ten_percent_owner: 1 for each reporting person"
FAQ
What did Pentwater Capital Management report in the latest Form 4/A for Avis Budget Group (CAR)?
Pentwater Capital Management LP and Matthew Halbower reported an amended Form 4/A showing 30 open-market sales of call options tied to Avis Budget Group common stock, executed by several Pentwater-managed funds on April 23, 2026, and referencing underlying Avis shares.
How many call option contracts were sold in the Avis Budget Group (CAR) Form 4/A filing?
The filing shows 307 call option contracts sold across 30 derivative transactions. These options reference Avis Budget Group common stock and were executed by multiple Pentwater-managed funds at varying prices, strikes, and expirations disclosed in the report’s transaction details.
What prices and strike levels were disclosed for the Avis Budget Group (CAR) call option sales?
The disclosed call option sales occurred at prices between $10.21 and $46.96 per contract. The options carry conversion or exercise prices ranging from $250 to $300, with expiration dates falling in April 2026 and June 2026, as specified for each derivative transaction.
Which entities actually executed the Avis Budget Group (CAR) call option trades in the Form 4/A?
Footnotes attribute the trades to specific Pentwater-managed funds, including Pentwater Merger Arbitrage Master Fund Ltd., Oceana Master Fund Ltd., Pentwater Equity Opportunities Master Fund Ltd., Pentwater Credit Master Fund Ltd., LMA SPC MAP 98, and Crown Managed Accounts SPC, rather than to the individuals personally.
How do Pentwater and Matthew Halbower describe their ownership interest in the Avis Budget Group (CAR) securities?
They state the securities are held by certain Pentwater Funds for which Pentwater Capital Management LP acts as investment adviser. Each reporting person disclaims beneficial ownership except to the extent of any pecuniary interest, clarifying their economic, rather than direct, stake in the reported positions.