Sun Country Airlines (SNCY) said Monday it plans to repurchase $10 million worth of shares in a secondary offering by an affiliate of Apollo Global Management (APO) of roughly 6.3 million Sun Country shares.
The airline will not sell any shares or receive any proceeds from the sale, according to the statement.
Sun Country will repurchase the shares at the same price as the underwriters, using cash on hand.
The sale represents Apollo affiliate's complete divestment of stake in Sun Country Airlines, the company added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.