<SEC-DOCUMENT>0001193125-22-185162.txt : 20220629
<SEC-HEADER>0001193125-22-185162.hdr.sgml : 20220629
<ACCEPTANCE-DATETIME>20220629170853
ACCESSION NUMBER:		0001193125-22-185162
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220629
DATE AS OF CHANGE:		20220629

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Spirit Airlines, Inc.
		CENTRAL INDEX KEY:			0001498710
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				381747023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35186
		FILM NUMBER:		221055454

	BUSINESS ADDRESS:	
		STREET 1:		2800 EXECUTIVE WAY
		CITY:			MIRAMAR
		STATE:			FL
		ZIP:			33025
		BUSINESS PHONE:		954-447-7920

	MAIL ADDRESS:	
		STREET 1:		2800 EXECUTIVE WAY
		CITY:			MIRAMAR
		STATE:			FL
		ZIP:			33025

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JETBLUE AIRWAYS CORP
		CENTRAL INDEX KEY:			0001158463
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				870617894
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		27-01 QUEENS PLAZA NORTH
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11101
		BUSINESS PHONE:		7182867900

	MAIL ADDRESS:	
		STREET 1:		27-01 QUEENS PLAZA NORTH
		CITY:			LONG ISLAND CITY
		STATE:			NY
		ZIP:			11101
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
INFORMATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. ) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, For Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material Pursuant to &#167; <FONT STYLE="white-space:nowrap">240.14a-12</FONT>
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>Spirit Airlines, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JetBlue Airways Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sundown Acquisition Corp. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Pursuant to Schedule 14A under the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Securities Exchange Act of 1934, as amended </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Subject Company: Spirit Airlines, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Commission File No.: <FONT STYLE="white-space:nowrap">001-35186</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Date: June&nbsp;29, 2022 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The following is a
press release issued by JetBlue Airways Corporation (&#147;JetBlue&#148;) on June&nbsp;29, 2022. </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>PRESS RELEASE</B></TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JetBlue Highlights Third-Party Recognition of Superiority of JetBlue Transaction </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEW YORK (June 29, 2022)</B> &#150; JetBlue (NASDAQ: JBLU) today issued the following statement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Third-party analysts and airline industry experts have consistently recognized that JetBlue&#146;s proposal to acquire Spirit (NYSE: SAVE) is superior to the
Frontier (NASDAQ: ULCC) transaction on many fronts. We encourage Spirit shareholders, like these highly qualified independent observers, to look right past Spirit&#146;s smokescreen to the reality of what we offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>JetBlue is 100% committed to getting this deal done and creating the most compelling national competitor to the dominant Big Four airlines, bringing lower
fares and a better experience to more customers, more value to shareholders, and new opportunities for crew and team members of both companies. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Decisively superior value for shareholders </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Despite Spirit&#146;s wildly optimistic and unrealistic claims about share price years down the road, Spirit shareholders win with JetBlue &#150; getting more
value, more certainty of value in <FONT STYLE="white-space:nowrap">all-cash,</FONT> more value upfront &#150; including a higher prepayment than Frontier has proposed &#150; and more value along the way with a ticking fee. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;The big deal here is that JetBlue has come in <FONT STYLE="white-space:nowrap">all-cash,</FONT>
they&#146;ve come in with breakage fees, and if you take the Frontier offer, you basically are waiting for synergies for a combined company, a couple years out... From a financial standpoint, it&#146;s really hard to defend.&#148; <I>&#150; George
Ferguson, Bloomberg Intelligence (Bloomberg, June</I><I></I><I>&nbsp;27 and June</I><I></I><I>&nbsp;21, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;[JetBlue&#146;s] improved offer should make it easier for SAVE [management] and shareholders to buy into
the financial superiority of JBLU&#146;s offer.&#148; <I>&#150; Daniel McKenzie (Seaport, June</I><I></I><I>&nbsp;22, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Things look less rosy for Frontier... Its mostly-stock bid also looks worse amid falling stock markets...
Based on that math, Spirit shareholders should reject the Frontier bid when they vote on June 30.&#148; <I>&#150; Jonathan Guilford (Reuters Breakingviews, June</I><I></I><I>&nbsp;15, 2022)</I> </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Spirit Airlines says the combination of Spirit and Frontier will make their shares worth $50 each in the
future. The only way that could happen is... inflation. But if the claim were true then Spirit&#146;s board should be demanding more than $25 per share to sell!&#148; &#150; <I>Gary Leff (View from the Wing, June</I><I></I><I>&nbsp;29, 2022)</I>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Confidence in obtaining regulatory approval </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Independent regulatory experts as well as sell-side analysts have assessed the facts beyond Spirit&#146;s smokescreen claims and recognize that both the
JetBlue and Frontier transactions have similar regulatory risk profiles and have paths to regulatory clearance, and that the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> carrier space will remain
highly robust and competitive with a JetBlue-Spirit combination. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;I would think that Spirit and Frontier merging is a bigger antitrust concern than Spirit and JetBlue
merging. That&#146;s because, while JetBlue is a <FONT STYLE="white-space:nowrap">low-cost</FONT> carrier, it&#146;s not necessarily an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">ultra-low-cost</FONT></FONT> carrier like both
both Spirit and Frontier. So I&#146;d say that there&#146;s a lower risk of the JetBlue-Spirit acquisition being blocked.&#148; <I>&#150; Florian Ederer, associate professor of economics, Yale School of Management (Forbes, June</I><I></I><I>&nbsp;6,
2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;We do ascribe a reasonably high probability of regulatory passage to either of the two deals that are on
the table right now.&#148; <I>&#150; Jamie Baker, JP Morgan (CNBC Power Lunch, May</I><I></I><I>&nbsp;17, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;If you&#146;re an investor and you think both transactions are unlikely to get approved by the DOJ, go with
the bid that will pay you a ticking fee&#133; and has a higher offer. Once you are in court anything can happen.&#148; <I>&#150; Aaron Glick, Director and Analyst for Options</I><I></I><I>&nbsp;&amp; Events at Cowen and Company (CNBC Squawk Box,
June</I><I></I><I>&nbsp;29, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Savanthi Syth, an airline analyst for Raymond James&nbsp;&amp; Associates, said any loss of cheap seats
after a JetBlue-Spirit deal will be temporary because other budget carriers &#151; notably including Frontier &#151; will grow. &#145;Frontier has the order book (for new planes) to step in and pick up what Spirit leaves behind,&#146; she
said.&#148; <I>&#150; Associated Press (June 29, 2022)</I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>By comparison, Spirit&#146;s June&nbsp;28 press release hurling dire
claims about JetBlue&#146;s proposal relies primarily on quotes from media personalities, one of whom admits to having no legal experience &#150; and is in fact a client of Spirit&#146;s own legal counsel. </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Now look, I am not a lawyer &#150; I have counsel but didn&#146;t speak to them about this &#150; but I
just know enough.&#148; <I>&#150; Jim Cramer (CNBC Mad Money, June</I><I></I><I>&nbsp;28, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Both the [JetBlue] lawyers and the advisors are simply oblivious to what this man [Jonathan Kanter] wants.
Which I am not because I&#146;m a Paul Weiss client.&#148; <I>&#150; Jim Cramer (CNBC Mad Money, June</I><I></I><I>&nbsp;28, 2022)</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Spirit&#146;s Board has run a flawed process from start to finish </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For months, the Spirit Board has failed to engage seriously with JetBlue, and to this day continues to reject our proposals out of hand without serious
consideration or negotiation. Independent third-parties have questioned why the Board has not conducted a more fulsome process to capitalize on a superior, value-maximizing opportunity with JetBlue. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;We firmly believe that if, as shareholders, we must wait for a transaction to be consummated following a
lengthy regulatory process, we are much better off waiting alongside JetBlue, which is willing to compensate us along the way. The Board&#146;s self-serving actions and failure to accept JetBlue&#146;s $33.50 per share offer is preventing
shareholders from receiving superior value.&#148; <I>&#150; TIG Advisors, Spirit top ten shareholder (Letter to Spirit Board, June</I><I></I><I>&nbsp;28, 2022)</I> </P></TD></TR></TABLE>
</DIV></Center>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;If you&#146;re the Board of Spirit, and you don&#146;t engage and you leave not only the $30 but the $33
sweetener on there &#150; call the lawyers.&#148; <I>&#150; Brian Sullivan (CNBC Squawk Box, May</I><I></I><I>&nbsp;16, 2022)</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Customers are bigger winners with a combined JetBlue-Spirit </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Industry observers recognize that a bigger JetBlue is the best catalyst for greater competition with legacy carriers. This combination would bring the JetBlue
Effect to more customers nationwide &#150; a phenomenon where JetBlue&#146;s presence on routes causes legacy carriers to lower their fares by over three times as much as a ULCC&#146;s presence. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Bare-bones carrier Frontier argues it can spread more <FONT STYLE="white-space:nowrap">low-fare</FONT>
competition with Spirit. While this might seem logical, the reality is that big carriers have increasingly found ways to ignore cheaper competitors because they know most of their customers won&#146;t fly them &#133; It&#146;s different with
JetBlue. Because the airline offers credible coach service (that&#146;s perhaps even better than service on &#147;Big Four&#148; carriers), larger airlines can&#146;t as easily ignore JetBlue in <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">head-to-head</FONT></FONT> competition.&#148; <I>&#150; Scott McCartney, former Senior Writer and &#147;Middle Seat&#148; columnist at the Wall Street Journal (The Points Guy, June</I><I></I><I>&nbsp;9, 2022)</I>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;It&#146;s not all about catering to people who want to pay $29 or $59 fares. There are passenger segments
that JetBlue will serve that Frontier and Spirit do not. There are going to be lots of seats out there, and it&#146;s not like JetBlue will stop offering low fares.&#148; <I>&#150;</I> <I>Michael Linenberg, Deutsche Bank (Associated Press,
June</I><I></I><I>&nbsp;29, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;[JetBlue&#146;s] point was if we acquire Spirit, they actually have the same type of planes, we&#146;re
going to make their planes nicer by adding in the JetBlue experience, and this will actually keep airfares lower. And I actually kind of agree with this ... People who fly Delta/United/American don&#146;t look at Frontier or Spirit as options &#133;
So what JetBlue is saying is that it will actually benefit airfare because if we take over and JetBlue becomes bigger, we&#146;re actually a competitor where people will fly JetBlue.&#148; &#150; <I>Brian Kelly, The Points Guy (The Morning Toast,
May</I><I></I><I>&nbsp;25, 2022)</I> </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Greater benefits for pilots and crewmembers </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Team members of both Spirit and JetBlue will see greater career opportunities and pathways for growth. By contrast, Spirit and Frontier&#146;s rosy projections
of synergies and future value creation somehow do not factor in pilot pay increases, which is not realistic and not in the best interests of its pilots. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;Clearly, the airline wants to be more than just a domestic airline. So a combined JetBlue and Spirit would
be appealing to pilots who want to work for a growing airline in the future.&#148; <I>&#150; Henry Harteveldt, President of Atmosphere Research (Reuters, April</I><I></I><I>&nbsp;7, 2022)</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;I just wanted to let you know the vast majority of Spirit pilots are rooting for you. Everyone I talk to
has tendered their shares to JetBlue. We believe in you and JetBlue. Please don&#146;t give up the fight to get the shareholders on board. We will make JetBlue the best airline in the US.&#148; <I>&#150; A senior Spirit pilot (Email to JetBlue CEO
Robin Hayes, June</I><I></I><I>&nbsp;26, 2022)</I> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;JetBlue and Spirit discussed Spirit&#146;s financial projections ... focusing on Spirit&#146;s unrealistic
assumptions, especially with respect to costs associated with personnel attrition and wage inflation, which did not contemplate any wage increases for team members, including pilots, at a time of high attrition and an anticipated shortage of pilots.
I am deeply troubled by this information as it appears that either Spirit is not being transparent with its shareholders, or it is not contemplating any wage increases for pilots as part of its financial projections. ... My pilots deserve
answers.&#148; <I>&#150; Captain Ryan P. Muller, Spirit Airline Pilots Association (ALPA) (Open letter to Spirit CEO Ted Christie, May</I><I></I><I>&nbsp;18, 2022)</I> </P></TD></TR></TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We strongly encourage all Spirit shareholders to tell the Spirit Board to accept the superior JetBlue
transaction by voting AGAINST the Frontier transaction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About JetBlue </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue is New York&#146;s Hometown Airline<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, and a leading carrier in Boston, Fort
Lauderdale-Hollywood, Los Angeles, Orlando, and San Juan. JetBlue carries customers to more than 100 cities throughout the United States, Latin America, Caribbean, Canada, and United Kingdom. For more information and the best fares, visit
<U>jetblue.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements in this press release contain various forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended,
or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our management&#146;s beliefs and assumptions concerning future events. These statements are intended to qualify for
the &#147;safe harbor&#148; from liability established by the Private Securities Litigation Reform Act of 1995. When used in this press release, the words &#147;expects,&#148; &#147;plans,&#148; &#147;anticipates,&#148; &#147;indicates,&#148;
&#147;believes,&#148; &#147;forecast,&#148; &#147;guidance,&#148; &#147;outlook,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;seeks,&#148; &#147;targets&#148; and similar expressions are intended to identify forward-looking
statements. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many
factors, including, without limitation, those listed in our U.S. Securities and Exchange Commission (&#147;SEC&#148;) filings, matters of which we may not be aware, the coronavirus pandemic including new and existing variants, the outbreak of any
other disease or similar public health threat that affects travel demand or behavior, the outcome of any discussions between JetBlue Airways Corporation (&#147;JetBlue&#148;) and Spirit Airlines, Inc. (&#147;Spirit&#148;) with respect to a possible
transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein, the conditions to the completion
of the possible transaction, including the receipt of any required stockholder and regulatory approvals and, in particular, our expectation as to the likelihood of receipt of antitrust approvals, JetBlue&#146;s ability to finance the possible
transaction and the indebtedness JetBlue expects to incur in connection with the possible transaction, the possibility that JetBlue may be unable to achieve expected synergies and operating efficiencies within the expected timeframes or at all and
to successfully integrate Spirit&#146;s operations with those of JetBlue, and the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without
limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the possible transaction. Given the risks and uncertainties surrounding forward-looking statements, you should not place
undue reliance on these statements. Further information concerning these and other factors is contained in JetBlue&#146;s SEC filings, including but not limited to, JetBlue&#146;s 2021 Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> and its Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q.</FONT> In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur. Our
forward-looking statements included in this press release speak only as of the date the statements were written or recorded. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future
events, or otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Important Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of the
common stock of Spirit or any other securities. JetBlue and its wholly-owned subsidiary, Sundown Acquisition Corp., have commenced a tender offer for all outstanding shares of common stock of Spirit and have filed with the SEC a tender offer
statement on Schedule TO (including an Offer to Purchase, a Letter of Transmittal and related documents), as may be amended. These documents contain important information, including the terms and conditions of the tender offer, and stockholders of
Spirit are advised to carefully read these documents before making any decision with respect to the tender offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors and security holders may
obtain free copies of these statements and other documents filed with respect to the tender offer at the SEC&#146;s website at <U>https://www.sec.gov</U>. In addition, copies of the tender offer statement and related materials may be obtained for
free by directing such requests to the information agent for the tender offer, Innisfree M&amp;A Incorporated, at (877) <FONT STYLE="white-space:nowrap">800-5190</FONT> (toll free for stockholders) or (212)
<FONT STYLE="white-space:nowrap">750-5833</FONT> (collect for banks and brokers). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue has filed a definitive proxy statement on Schedule 14A with the
SEC (&#147;Definitive Proxy Statement&#148;) and the accompanying BLUE proxy card on May&nbsp;26, 2022, to be used to solicit proxies in opposition to the proposed business combination between Spirit and Frontier Group Holdings, Inc.
(&#147;Frontier&#148;) and the other proposals to be voted on by Spirit stockholders at the special meeting of the stockholders of Spirit to be held on June&nbsp;30, 2022. This press release is not a substitute for the Definitive Proxy Statement or
any other document JetBlue, Spirit or Frontier may file with the SEC in connection with the proposed transaction. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>STOCKHOLDERS OF SPIRIT ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS
FILED WITH THE SEC, INCLUDING ALL PROXY MATERIALS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investors and security holders may obtain a free
copy of the Definitive Proxy Statement and other documents filed by JetBlue at the SEC&#146;s web site at <U>https://www.sec.gov</U> or by contacting the information agent for the proxy solicitation, Innisfree M&amp;A Incorporated, at (877) <FONT
STYLE="white-space:nowrap">800-5190</FONT> (toll free for stockholders) or (212) <FONT STYLE="white-space:nowrap">750-5833</FONT> (collect for banks and brokers). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue and its
directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Spirit common stock. Additional information regarding the participants in the proxy solicitation is contained in the Definitive
Proxy Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue Corporate
Communications </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1.718.709.3089 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>corpcomm@jetblue.com
</U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">JetBlue Investor Relations </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: +1 718 709 2202 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>ir@jetblue.com </U></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
