Andrew Axelrod - 02 Aug 2023 Form 3 Insider Report for Global Crossing Airlines Group Inc. (JETMF)

Role: Director, 10%+ Owner
Signature: /s/ Martin T. Schrier, as Attorney-in-Fact for Andrew Axelrod
Issuer symbol: JETMF
Transactions as of: 02 Aug 2023
Net transactions value: $0
Form type: 3
Filing time: 31 Aug 2023, 11:03:50 UTC
Previous filing: 07 Nov 2022
Next filing: 26 Dec 2023
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	JETMF	Warrants to purchase Common Stock							02 Aug 2023	Common Stock	5,000,000	$1.00	See footnotes	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of his or its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
F2	Andrew Axelrod serves as the sole member of Axar GP, LLC, a Delaware limited liability company (the "GP"), which is the general partner of Axar Capital Management, L.P., a Delaware limited partnership, that serves as the investment manager (the "Investment Manager") to certain funds and/or managed accounts (collectively, the "Axar Vehicles"), with respect to these warrants (and any common stock received upon exericise thereof) held by the Axar Vehicles.

Content

Each of the Reporting Persons disclaims beneficial ownership of these securities except to the extent of his or its pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Andrew Axelrod serves as the sole member of Axar GP, LLC, a Delaware limited liability company (the "GP"), which is the general partner of Axar Capital Management, L.P., a Delaware limited partnership, that serves as the investment manager (the "Investment Manager") to certain funds and/or managed accounts (collectively, the "Axar Vehicles"), with respect to these warrants (and any common stock received upon exericise thereof) held by the Axar Vehicles.

Remarks:

Exhibit No. 24.1 Power of Attorney. Because Mr. Axelrod serves on the board of directors of the Issuer as a representative of the Reporting Persons, each of the Investment Manager and the GP may be deemed a director of the Issuer by deputization of Mr. Axelrod.