American Airlines takes 7.9% of Azul after paying $100 million to exercise warrants

American Airlines Group Inc. (CIK 6201) and its subsidiary American Airlines, Inc. have reported a 7.9% stake in Azul S.A. (CIK 1432364), the Brazilian airline, in a Schedule 13D filed on 26 October 2026 (Schedule 13D, 26 October 2026).

The filing says the American companies exercised warrants on 20 October 2026 to buy 31,838,775 Azul common shares, for an aggregate exercise price of $100.0 million paid from working capital (Schedule 13D, Item 3, 26 October 2026).

The 7.9% figure is calculated on 400,829,250 common shares outstanding immediately after the warrant exercise. American Airlines, Inc. holds the shares of record, and voting and dispositive power over them is shared between the two American entities. Each of Azul's American Depositary Shares represents two common shares (Schedule 13D, 26 October 2026).

Under Item 4, the filers say they acquired the shares in connection with the warrant exercise and will review the investment on a continuing basis. They may buy more shares or sell, engage with Azul's management, board and other shareholders, and may seek to cause extraordinary transactions such as a merger or reorganisation, including one that could lead to the shares being delisted or deregistered, as well as changes to management or the composition of the board (Schedule 13D, Item 4, 26 October 2026).

The filing discloses no board seats or board designation rights for American, and Item 6 sets out no contracts or arrangements concerning Azul securities (Schedule 13D, Item 6, 26 October 2026).

The filings do not state when the warrants were granted or the terms on which they were issued. Loro has made no approach to the company. Figures are as reported in American Airlines Group's SEC filings.