In June, the Treasury Department announced that it netted more than $556 million in airline warrants, issued in connection with COVID-19 relief funds, that had been sold.
The airlines issued the stock warrants in 2020 and 2021 as partial compensation for financial assistance and loans that Treasury provided to the airlines during the coronavirus pandemic.
Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); the Consolidated Appropriations Act, 2021; and the American Rescue Plan Act of 2021 gave the federal government the option to purchase shares of airline stock at a set price, and later auction them.
Today, Treasury released details on the auctions, held from June 3 to 13, for the purchase of common stock of 11 publicly traded airlines. The airlines, auction amounts, and more are listed below.
| Issuer | Auction Date | Proceeds | Warrant Shares |
Winning Bidder |
| Delta Air Lines, Inc. |
6/5/2024 | $233 million | 11,137,878.35 | J.P. Morgan Securities LLC |
| United Airlines Holdings, Inc | 6/6/2024 | $222.5 million | 9,928,349 | Capital Ventures International |
| American Airlines Group Inc. |
6/13/2024 | $32.6 million | 29,427,914 | SRS Partners Master Fund LP |
| SkyWest, Inc. | 6/4/2024 | $36.2 million | 785,226 | Capital Ventures International |
| Alaska Air Group, Inc. |
6/7/2024 | $17.25 million | 1,882,517 | J.P. Morgan Securities LLC |
| Southwest Airlines Co. |
6/7/2024 | $5.65 million | 4,961,811.77 | Southwest Airlines Co. |
| Frontier Group Holdings, Inc. |
6/5/2024 | $3.45 million | 3,117,940 | Citigroup Global Markets, Inc. |
| Hawaiian Holdings, Inc. |
6/6/2024 | $3.45 million | 1,134,685 | Citigroup Global Markets, Inc. |
| JetBlue Airways Corporation |
6/3/2024 | $2.295 million | 5,598,807 | D.E. Shaw Valence Portfolios L.L.C. |
| Spirit Airlines, Inc. |
6/3/2024 | $195,000 | 913,382.82 | Hudson Bay Master Fund Ltd |
| Allegiant Travel Company | 6/4/2024 | $95,001 | 29,562.14 | Parallax Master Fund, L.P. |
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