Schedule 13G: Arena Capital Discloses 2.6M Spirit Aviation Shares

Rhea-AI Filing Summary

Schedule 13G filing dated 06/30/2025 shows that Arena Capital Advisors, LLC-CA and a group of affiliated Arena Short Duration High Yield Funds, Arena VII, LLC and Arena Opportunities Fund LP have accumulated 2,575,185 shares of Spirit Aviation Holdings, Inc. (CUSIP 84863V101), equal to 9.9 % of the company’s outstanding common equity. The position comprises common stock, restricted stock and warrants.

The reporting persons claim sole voting and dispositive power over the entire stake; no shared power is disclosed. Arena qualifies as an investment adviser (Rule 13d-1(b)(1)(ii)(E)) and certifies the shares were obtained in the ordinary course of business, not to influence control of the issuer. By remaining just below the 10 % level, the group avoids triggering Schedule 13D and Section 16 insider status while still holding a meaningful, potentially activist-sized position.

No additional transactions, control intentions or group arrangements are reported; the document is an ownership update only.

Positive

• Arena Capital Advisors and affiliates now own 9.9 % of Spirit Aviation Holdings, indicating significant institutional confidence and potentially enhanced share liquidity.

Negative

• None.

Insights

Equity Portfolio Manager

TL;DR: Arena discloses a 9.9 % passive stake—meaningful but below control threshold; neutral-to-positive signal of institutional confidence.

Arena’s 2.6 million-share position gives it economic exposure without regulatory burdens tied to 10 % ownership. While the filing is passive, a near-10 % stake can still influence governance through voting. For shareholders, the presence of a credit-focused investor suggests a valuation opportunity in the capital structure but does not immediately alter strategy or risk profile. Absent stated activist intent, I view market impact as modestly positive—it adds liquidity and a sophisticated holder yet leaves corporate control unchanged.

Corporate Governance Analyst

TL;DR: No control intent declared; filing largely procedural, governance impact minimal.

Because Arena certified ordinary-course investment and holds sole—not shared—voting power, the filing carries limited governance ramifications. The sub-10 % stake means no short-swing profit liability and no obligation to file Schedule 13D. Accordingly, the disclosure is low impact from a governance-change perspective, but boards often note any holder nearing 10 % as a potential future agitator.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Spirit Aviation Holdings, Inc.

(Name of Issuer)

Common Stock, Restricted Stock and Warrants

(Title of Class of Securities)

84863V101

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Arena Capital Advisors, LLC- CA

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES A

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES B

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES C

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES D

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Arena Short Duration High Yield Fund, LP- Series E

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Arena Short Duration High Yield Fund, LP- Series F

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Arena Short Duration High Yield Fund, L.P.- Series G

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Arena Short Duration High Yield Fund LP - Series H

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

ARENA VII, LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Arena Opportunities Fund, LP -Series 2

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,575,185.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,575,185.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,575,185.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Spirit Aviation Holdings, Inc.
(b)	Address of issuer's principal executive offices: 1731 RADIANT DRIVE, DANIA BEACH, FLORIDA, 33004.
Item 2.
(a)	Name of person filing: ARENA CAPITAL ADVISORS, LLC ? CA
(b)	Address or principal business office or, if none, residence: 12121 WILSHIRE BLVD. STE 1010, LOS ANGELES, CA 90025
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Common Stock, Restricted Stock and Warrants
(e)	CUSIP No.: 84863V101
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: 2,575,185
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,575,185
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,575,185
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

Arena Capital Advisors, LLC- CA

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, MEMBER
Date:	08/06/2025

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES A

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES B

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES C

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

ARENA SHORT DURATION HIGH YIELD FUND, LP - SERIES D

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

Arena Short Duration High Yield Fund, LP- Series E

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

Arena Short Duration High Yield Fund, LP- Series F

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

Arena Short Duration High Yield Fund, L.P.- Series G

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

Arena Short Duration High Yield Fund LP - Series H

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

ARENA VII, LLC

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF MEMBER
Date:	08/06/2025

Arena Opportunities Fund, LP -Series 2

Signature:	/s/ SANIJE PERRETT
Name/Title:	SANIJE PERRETT, PRESIDENT OF GENERAL PARTNER
Date:	08/06/2025

FAQ

How many Spirit Aviation Holdings shares does Arena Capital Advisors own?

Arena reports 2,575,185 shares beneficially owned.

What percentage of Spirit Aviation Holdings’ outstanding stock is represented?

The stake equals 9.9 % of the outstanding class.

Does Arena seek to control Spirit Aviation Holdings (SAVE)?

No. The certification states the shares were acquired in the ordinary course, not to influence control.

Why was a Schedule 13G filed instead of 13D?

Arena qualifies as an investment adviser and kept ownership below 10 %, allowing a passive 13G filing.

When is the ownership date triggering this filing?

The reported ownership is as of June 30, 2025.

Who signed the filing for the reporting persons?

All signatures were executed by Sanije Perrett, member or president of the respective entities.