Azul S.A. has 11 Schedule 13D or 13G filings on record since 2025-08-14. 4 holders' latest filing reports 5% or more of american depositary shares ("adss"), each representing two common shares, without par value. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Readystate Asset Management, LP | 10.7% | 39,637,319 | SCHEDULE 13G/A, 2026-08-14 | 2026-08-12 |
| United Airlines Holdings, Inc. | 8.7% | 4,775,834,632,216 | SCHEDULE 13D, 2026-02-27 | 2026-02-20 |
| BlackBarn Capital Partners LP | 8.4% | 4,603,614,558,460 | SCHEDULE 13G, 2026-02-27 | 2026-02-20 |
| Thomas A. Wagner III | 7.4% | 4,063,104,500,000 | SCHEDULE 13G, 2026-04-06 | 2026-02-20 |
| VR Advisory Services Ltd | 4.9% | 17,900,336 | SCHEDULE 13G/A, 2026-08-14 | 2026-06-30 |
| Long Focus Capital Management, LLC | 0% | 0 | SCHEDULE 13G, 2025-08-14 | 2025-06-30 |
| Flow Traders U.S. LLC | 0% | 0 | SCHEDULE 13G/A, 2026-03-05 | 2026-01-05 |
| Neeleman David | 0% | 25,958,221 | SCHEDULE 13D/A, 2026-02-24 | 2026-02-20 |
Purpose of Transaction (Item 4)
Neeleman David
The response set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: The information in Item 3 is incorporated by reference herein. On January 12, 2026, the holders of Common Shares and the holders of preferred shares of the Issuer ("Preferred Shares") approved the conversion of all Preferred Shares into Common Shares at a conversion rate of 75 Common Shares for each Preferred Share (the "Conversion"). On February 12, 2026, the holders of Common Shares approved a reverse share split of the issued and outstanding Common Shares, at a ratio of 75 Common Shares to form one Common Share post-split (the "Reverse Split"), which was implemented prior to the February 2026 Issuance (as defined below). On January 13, 2026, the Issuer consummated the issuance of 723,861,340,715 new Common Shares and 723,861,340,715 new Preferred Shares (the "January 2026 Issuance"), and on February 20, 2026, the Issuer consummated the issuance of 45,477,707,683,900 Common Shares (the "February 2026 Issuance" and, together with the January 2026 Issuance, the "2026 Issuances"). Neither of the Neeleman Parties acquired any Common Shares in the 2026 Issuances and, as a result, the beneficial ownership of the Neeleman Parties was diluted such that neither of the Neeleman Parties currently holds more than five percent of the Common Shares.Item 4 of the SCHEDULE 13D/A filed 2026-02-24
United Airlines Holdings, Inc.
The disclosure in Item 3 of this Schedule 13D is incorporated by reference into this Item 4. The Reporting Persons hold their securities of the Issuer for investment purposes. In connection with the completion of Azul's reorganization process and United's investment in Azul, Patrick Wayne Quayle, United's Senior Vice President, Global Network Planning and Alliances, remained on Azul's board of directors and was appointed to Azul's newly constituted strategy committee. The Reporting Persons expect to review from time to time their investment in the Issuer and may, depending on the market and other conditions and subject to applicable law: (i) acquire beneficial ownership of additional Shares in the open market, in privately negotiated transactions or otherwise; (ii) dispose of all or part of their holdings of securities of the Issuer; or (iii) take other actions which could involve one or more of the types of transactions or have one or more of the results described in Item 4 of Schedule 13D. Except as set forth herein, the Reporting Persons do not have any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of the instructions to Item 4 of Schedule 13D. The Reporting Persons may, at any time and from time to time, review or reconsider their position and/or change their purpose and/or formulate plans or proposals with respect thereto.Item 4 of the SCHEDULE 13D filed 2026-02-27
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-08-14 | Long Focus Capital Management, LLC | 0% | SCHEDULE 13G |
| 2026-01-30 | Flow Traders U.S. LLC | 8.45% | SCHEDULE 13G |
| 2026-02-24 | Neeleman David | 0% | SCHEDULE 13D/A |
| 2026-02-27 | VR Advisory Services Ltd | 5.3% | SCHEDULE 13G |
| 2026-02-27 | United Airlines Holdings, Inc. | 8.7% | SCHEDULE 13D |
| 2026-02-27 | Readystate Asset Management, LP | 9% | SCHEDULE 13G |
| 2026-02-27 | BlackBarn Capital Partners LP | 8.4% | SCHEDULE 13G |
| 2026-03-05 | Flow Traders U.S. LLC | 0% | SCHEDULE 13G/A |
| 2026-04-06 | Thomas A. Wagner III | 7.4% | SCHEDULE 13G |
| 2026-08-14 | VR Advisory Services Ltd | 4.9% | SCHEDULE 13G/A |
| 2026-08-14 | Readystate Asset Management, LP | 10.7% | SCHEDULE 13G/A |
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.