In a notice released this Friday, October 23, 2026, Azul (AZUL3) reported that it received a letter from American Airlines regarding the acquisition of a material equity stake in the company. American Airlines reached a position equivalent to approximately 7.94% of Azul’s share capital through the subscription of 15,919,387 American Depositary Shares (ADSs), each representing 2 common shares issued by the company.
According to the letter attached to the notice, the ADS subscription took place on October 20, 2026, in the context of Azul’s restructuring plan in the United States under Chapter 11 of the United States Bankruptcy Code. American Airlines stated that the purpose of the subscription is strictly investment, with no intention of changing Azul’s control structure or management structure beyond what is set forth in the restructuring plan.
American Airlines also reported that it has not entered into contracts or agreements, filed or to be filed at Azul’s headquarters, that govern the exercise of voting rights or the purchase and sale of securities issued by the company, except for the instruments executed under the restructuring plan. The company further stated that, in addition to the subscribed ADSs, it does not directly or indirectly hold other securities issued by Azul or derivative instruments referenced to the company’s shares.
