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AVIS BUDGET GROUP, INC.·4

Mar 24, 9:35 PM ET

Pentwater Capital Management LP 4

Research Summary

AI-generated summary

Updated

Avis Budget (CAR) 10% Owner Pentwater Exercises Options

What Happened

  • Pentwater Capital Management LP (a 10% owner; filing also names Matthew Halbower) exercised multiple in‑the‑money derivative instruments on March 20, 2026 to acquire 1,671,000 shares of Avis Budget Group (CAR). The exercises were at strike prices of $110 (1,236,300 shares, $135,993,000), $120 (376,600 shares, $45,192,000), $125 (53,800 shares, $6,725,000) and $130 (4,300 shares, $559,000) — total cash paid for exercised options ≈ $188,469,000. Separately, 60,000 of the shares were disposed (sold) at $110 for $6,600,000, and a number of derivative positions (60,651 shares) were reported as disposed/expired at $0. Net increase in beneficially held shares from these reported entries is 1,550,349 shares.

Key Details

  • Transaction date (reported period): March 20, 2026; Form 4 filed March 24, 2026 (timely filing).
  • Exercise details and cash paid: see strikes above; total exercise cash ≈ $188.47M.
  • Shares sold: 60,000 at $110 for $6.6M; other disposals/expirations reported at $0 (derivative adjustments).
  • Shares owned after transaction: not specified in the excerpt provided — see the full Form 4 for post‑transaction holdings.
  • Footnotes: F1 — filing made by Pentwater Capital Management LP and Matthew Halbower; they report on behalf of Pentwater funds and disclaim beneficial ownership except to the extent of any pecuniary interest. F2 — options reported as "exercisable at any time."
  • Timeliness: Filing appears timely (transaction 3/20/2026; Form 4 filed 3/24/2026).

Context

  • These were derivative exercises (option conversions) — a purchase/acquisition of common stock by exercising in‑the‑money instruments. A portion of shares was sold (60,000) and several short/derivative positions expired; other zero‑dollar disposals reflect derivative adjustments, not cash sales.
  • Pentwater is a large institutional holder (10% owner) and the filing is on behalf of its funds — this is institutional trading, not an executive director trade. The Form 4 footnote clarifies advisory relationships and disclaimers.