Spirit Airlines Investors Taking Money Off the Table

Spirit Airlines (NASDAQ:SAVE) announced that several groups of stockholders intend to sell a total of 11 million shares of common stock in a secondary offering to the public, Globe Newswire reports.

The deal’s underwriters will have a 30-day option to buy an added 1.65 million shares to cover over-allotments.

The selling stockholders — including affiliates of Oaktree Capital Management and Indigo Partners and as well as some of the firm’s executives — will receive all of the net proceeds from the offering. The company will not be selling any shares in the offering.

Here’s how Spirit shares closed the day:

Spirit Airlines Incorporated (NASDAQ:SAVE): SAVE shares recently traded at $14.19, down $0.83, or 5.53%. They have traded in a 52-week range of $10.18 to $17.48. Volume today was 464,654 shares versus a 3-month average volume of 196,144 shares. The company’s trailing P/E is 9.63, while trailing earnings are $1.47 per share.