PIMCO Reports Sole Voting Power Over 2.69M Spirit Aviation Shares (SAVE)

Rhea-AI Filing Summary

Pacific Investment Management Company LLC (PIMCO) reports beneficial ownership of 2,690,808 shares of Spirit Aviation Holdings, Inc. common stock, representing 9.9% of the class. The position is comprised of 1,393,184 direct shares and 1,297,624 shares attributable to warrants that are currently counted as beneficially owned because of exercise limitations.

PIMCO states it has sole voting and sole dispositive power over the reported shares and that the securities are held in investment advisory or discretionary client accounts, with PIMCO disclaiming ownership except to its pecuniary interest. Certain warrants totaling 2,517,517 underlying shares are subject to a 9.9% exercise limitation, which restricts further immediate ownership upon exercise.

Positive

• PIMCO reports beneficial ownership of 2,690,808 shares, representing 9.9% of the class
• PIMCO holds sole voting and sole dispositive power over the reported shares
• Disclosure breaks down holdings into 1,393,184 direct shares and 1,297,624 warrant-related shares currently treated as beneficially owned

Negative

• 2,517,517 warrant shares are subject to a 9.9% exercise limitation, restricting immediate additional ownership upon exercise
• PIMCO disclaims beneficial ownership except to its pecuniary interest, indicating the securities are held in client advisory or discretionary accounts rather than owned directly by PIMCO

Insights

Financial Analyst

TL;DR: PIMCO discloses a sizable, non-controlling 9.9% stake via direct shares and warrant-derived holdings.

PIMCO reports beneficial ownership of 2,690,808 shares, equal to 9.9% of the outstanding common stock, giving it sole voting and dispositive authority over these shares. The position combines 1,393,184 direct shares with 1,297,624 warrant-derived shares currently treated as beneficially owned because of a contractual 9.9% exercise limit on 2,517,517 warrant shares. This filing is a material ownership disclosure but does not, on its face, indicate control actions or activist intent; it documents a significant passive economic exposure held in advisory accounts.

Corporate Governance Expert

TL;DR: Ownership is material but capped; PIMCO records sole authority over reported shares while disclaiming broader beneficial ownership.

The Schedule 13G shows PIMCO has sole voting and dispositive power over 2,690,808 shares (9.9% of the class). The disclosure notes warrant-related limits that cap exercise to avoid exceeding 9.9%, and PIMCO disclaims beneficial ownership beyond its pecuniary interest since the securities are held for client accounts. From a governance perspective, the filing signals a significant shareholder position with voting authority but also highlights structural constraints on increasing that position via warrant exercise.

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

Pacific Investment Management Company 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 2,690,808.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,690,808.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,690,808.00

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, OO

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, FL 33004
Item 2.
(a)	Name of person filing: Pacific Investment Management Company LLC ("PIMCO")
(b)	Address or principal business office or, if none, residence: 650 Newport Center Drive, Newport Beach, CA 92660
(c)	Citizenship: Delaware
(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: 2,690,808 Based on (i) 1,393,184 shares of Common Stock and (ii) subject to the 9.9% Limitation (as defined below), 2,517,517 shares of Common Stock underlying certain warrants. The applicable warrants are subject to terms that limit exercise, if, after such exercise, the holder and its affiliates and any member of a Section 13(d) group with such holder and its affiliates would beneficially own more than 9.9% of the number of shares of Common Stock outstanding immediately after exercise (the "9.9% Limitation"). As a result of the limitation in the previous sentence, only 1,297,624 shares of Common Stock that such stockholders may acquire upon exercise of such warrants are currently beneficially owned by the Reporting Person. The securities reported in this Schedule 13G are held by investment advisory clients or discretionary accounts of which PIMCO is the investment adviser. When an investment management contract (including a sub-advisory agreement) delegates to PIMCO investment discretion or voting power over the securities held in the investment advisory accounts that are subject to that agreement, PIMCO considers the agreement to grant it sole investment discretion or voting authority, as the case may be, unless the agreement specifies otherwise. Accordingly, PIMCO reports on Schedule 13G that it has sole investment discretion and voting authority over the securities covered by any such investment management agreement and may be deemed to beneficially own the securities held by its clients or accounts within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reports the securities beneficially owned or deemed to be beneficially owned by PIMCO. It does not include securities, if any, beneficially owned by PIMCO's affiliates, whose ownership of securities is disaggregated from that of PIMCO in accordance with that release. PIMCO also disclaims beneficial ownership of these securities except to the extent of its pecuniary interest therein.
(b)	Percent of class: 9.9% Based on 25,882,259 shares of Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter period ended June 30, 2025, filed with the Securities and Exchange Commission on August 11, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,690,808
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,690,808
	(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:
	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.

Pacific Investment Management Company LLC

Signature:	/s/ Alyssa Creighton
Name/Title:	Alyssa Creighton, Senior Vice President
Date:	08/12/2025

FAQ

How many Spirit Aviation shares does PIMCO report owning (SAVE)?

PIMCO reports beneficial ownership of 2,690,808 shares, equal to 9.9% of the class.

What is the composition of PIMCO's reported position in Spirit Aviation?

The position comprises 1,393,184 direct shares and 1,297,624 shares attributable to warrants that are currently considered beneficially owned.

Does PIMCO have voting authority over these shares?

Yes. The filing states PIMCO has sole voting power and sole dispositive power over the 2,690,808 reported shares.

Are there limits on exercising warrants tied to the reported position?

Yes. Certain warrants underlying 2,517,517 shares are subject to a 9.9% exercise limitation, which restricts additional immediate ownership upon exercise.

Are these securities held by PIMCO directly or for clients?

The securities are held in investment advisory or discretionary client accounts, and PIMCO disclaims beneficial ownership except to its pecuniary interest.