Brazilian airline Azul S.A. is set to return to a major U.S. exchange on June 1, when its American depositary shares (ADS) begin trading on NYSE American under the ticker AZUL. Each ADS will represent two common shares, the company announced.
This move comes just months after Azul successfully exited Chapter 11 bankruptcy protection in February, during which it slashed its debt and lease obligations by approximately $2.5 billion. The carrier also raised $1.375 billion through exit notes and secured new equity funding, including a $100 million investment from United Airlines. American Airlines has also agreed to inject an additional $100 million in equity, pending antitrust clearance.
Azul's transition from the OTC Markets, where its shares were traded over-the-counter, to a national exchange signals a renewed push to attract institutional investors and regain capital-market credibility. CEO John Rodgerson described the listing as a 'defining moment' for the company, adding that Azul is 'on track to uplist' to the main New York Stock Exchange in early July, subject to meeting listing requirements.
However, the path to the NYSE is not guaranteed. The June 1 NYSE American listing is contingent on fulfilling certain conditions, and the subsequent move to the primary exchange will require Azul to satisfy additional criteria. The company's common shares will continue to trade on Brazil's B3 exchange under the ticker AZUL3.
Azul faces intense competition in its home market from rivals Gol and LATAM Airlines. Rodgerson has indicated that the airline will pursue 'responsible growth' and has ruled out any mergers or acquisitions for the time being. Previous consolidation talks with Gol have stalled, and a potential deal with LATAM fell through.
Azul is the largest Brazilian airline by departures and number of cities served, operating approximately 800 daily flights to over 137 destinations with a fleet of more than 180 aircraft. The company's return to a U.S. exchange is a key milestone in its post-restructuring strategy.
In a contrasting move, Veris Residential Inc., a real estate investment trust (REIT) focused on Class A multifamily properties in the Northeast, has been delisted from the New York Stock Exchange following the completion of its $3.5 billion all-cash acquisition by a group led by Affinius Capital and Vista Hill Partners. The NYSE filed a Form 25 with the SEC on May 27 to formally delist Veris common stock and terminate its registration, citing the company's voluntary withdrawal.
Veris shareholders received $19 per share in the buyout. The company's removal from major S&P indexes, including the S&P Global BMI, S&P Composite 1500, S&P 600, S&P 1000, and S&P TMI Index, has been confirmed. Veris had been transitioning from a portfolio of office properties to a pure-play multifamily REIT, aligning with a broader trend of private capital targeting undervalued REITs.
