Spirit disclosed in a regulatory filing on August 11, 2025, that "there is substantial doubt as to the Company's ability to continue as a going concern within 12 months[.]" The Company cited, among other things, "adverse market conditions" and "minimum liquidity covenants in the Company's debt obligations and credit card processing agreement [that] require financial results to improve at a rate faster than what the Company is currently anticipating."
Following this news, Spirit's stock price fell over 40% on August 12, 2025.
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