Cyrus Capital Discloses 8.6% Stake in Spirit Aviation (SAVE)

Rhea-AI Filing Summary

Spirit Aviation Holdings, Inc. received a Schedule 13G disclosing that Cyrus Capital Partners, L.P., Cyrus Capital Partners GP, L.L.C., and Stephen C. Freidheim (collectively the Reporting Persons) beneficially own 2,147,586 shares of the issuer's common stock, representing 8.6% of the outstanding class on a diluted basis. The filing states this total includes 383,962 shares issuable upon exercise of warrants and is calculated using 24,575,014 shares outstanding as of May 28, 2025. Ownership is reported as shared voting and dispositive power, with no sole voting or dispositive power asserted. The Reporting Persons state the securities are held in the ordinary course of business and not for the purpose of changing control.

Positive

• Material ownership disclosed: Reporting Persons hold 8.6% of common stock on a fully diluted basis
• Transparency on dilution: Filing explicitly includes 383,962 warrant-issuable shares in the reported total
• Passive intent stated: Securities certified as held in the ordinary course, filed on Schedule 13G rather than 13D

Negative

• None.

Insights

Securities Analyst

TL;DR: A hedge fund-related group reports an 8.6% position in Spirit Aviation on a fully diluted basis, disclosed via Schedule 13G.

The Schedule 13G indicates Cyrus-affiliated entities and Stephen C. Freidheim collectively hold 2,147,586 shares, including 383,962 warrant-derived shares, representing 8.6% of common stock assuming exercise of warrants. The position is reported as shared voting and dispositive power, which is consistent with an investment manager/partner structure rather than a controlling position. The filing asserts ordinary-course ownership, not intended to influence control, which aligns with a passive investor disclosure under Rule 13d-1(b). This is material ownership information for shareholders and governance observers because it identifies a sizable investor stake and the presence of derivative instruments in the ownership count.

Corporate Governance Expert

TL;DR: Reporting Persons disclose a significant passive stake with shared authority; filing signals influence potential without control intent.

The disclosure shows shared voting and dispositive authority over an 8.6% economic position, inclusive of warrants. The use of shared powers suggests coordinated decision-making among Cyrus entities and Mr. Freidheim. The certification asserts the holding is not intended to change control, consistent with a Schedule 13G rather than a Schedule 13D. For board and investor relations teams, this identifies a material shareholder to monitor for engagement or voting alignment, while not indicating an active control campaign.

FAQ

What stake does Cyrus Capital report in Spirit Aviation Holdings (SAVE)?

The reporting group discloses beneficial ownership of 2,147,586 shares, representing 8.6% of the class on a diluted basis.

Does the 8.6% ownership include warrants or other derivatives?

Yes. The total includes 383,962 shares issuable upon exercise of warrants held by the Cyrus Funds.

Do the Reporting Persons claim control of Spirit Aviation?

No. The filing certifies the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

How is voting and dispositive power reported for these shares?

The Reporting Persons report 0 sole voting or dispositive power and 2,147,586 shares of shared voting and shared dispositive power.

What share count did the filing use to calculate the percentage ownership?

The percentage is calculated using 24,575,014 shares outstanding as of May 28, 2025, per the issuers quarterly report.

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Accepted by SEC EDGAR 08/14/2025 - 04:11 PM Learn about SEC filing dates

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, par value $0.0001 per share

(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

Cyrus Capital Partners, L.P.

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 0.00
6	Shared Voting Power 2,147,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,147,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,147,586.00

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)

8.6 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: Includes 383,962 shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of warrants.

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Cyrus Capital Partners GP, L.L.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 0.00
6	Shared Voting Power 2,147,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,147,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,147,586.00

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)

8.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Includes 383,962 shares of Common Stock issuable upon exercise of warrants.

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Stephen C. Freidheim

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 STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,147,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,147,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,147,586.00

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)

8.6 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Includes 383,962 shares of Common Stock issuable upon exercise of warrants.

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: This statement is filed by: (i) Cyrus Capital Partners, L.P., a Delaware limited partnership ("CCP"), and the advisor to certain funds and accounts (collectively, the "Cyrus Funds") who holds all discretion over the investment activities of the Cyrus Funds, with respect to the shares of common stock, par value $0.0001 per share ("Common Stock") of Spirit Aviation Holdings, Inc., a Delaware corporation (the "Issuer"), and shares of Common Stock issuable upon exercise of warrants directly held by the Cyrus Funds; (ii) Cyrus Capital Partners GP, L.L.C. ("CCP GP"), a Delaware limited liability company and the general partner of CCP, with respect to the shares of Common Stock and shares of Common Stock issuable upon exercise of warrants directly held by the Cyrus Funds; and (iii) Stephen C. Freidheim ("Mr. Freidheim"), a United States citizen and the principal of CCP GP, the general partner of CCP, and the investment manager to the Cyrus Funds, with respect to the shares of Common Stock and shares of Common Stock issuable upon exercise of warrants directly held by the Cyrus Funds. Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." The filing of this statement should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 65 E. 55th Street, 35th Floor, New York, New York 10022.
(c)	Citizenship: CCP is a Delaware limited partnership. CCP GP is a Delaware limited liability company. Mr. Freidheim is a United States citizen.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(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: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 24,575,014 shares of Common Stock outstanding as of May 28, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 30, 2025, and assumes the exercise of the warrants held by the Cyrus Funds.
(b)	Percent of class: 8.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). Cyrus Polaris LLC, a Cyrus Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the shares of Common Stock.
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.

Cyrus Capital Partners, L.P.

Signature:	/s/ Stephen C. Freidheim
Name/Title:	By: Cyrus Capital Partners GP, L.L.C., its general partner, By: Stephen C. Freidheim, Sole Member/Manager
Date:	08/14/2025

Cyrus Capital Partners GP, L.L.C.

Signature:	/s/ Stephen C. Freidheim
Name/Title:	Stephen C. Freidheim, Sole Member/Manager
Date:	08/14/2025

Stephen C. Freidheim

Signature:	/s/ Stephen C. Freidheim
Name/Title:	Stephen C. Freidheim, Individually
Date:	08/14/2025

Exhibit Information

Exhibit 99.1: Joint Filing Agreement