Pentwater Capital Management LP 4/A

What Happened
Pentwater Capital Management LP (a reported 10% owner, with Matthew Halbower disclosed as related) sold approximately 1,643,913 shares of Avis Budget Group, Inc. (CAR) in a series of open‑market dispositions on April 22–23, 2026. The sales were executed at multiple prices (roughly $438.74 to $702.24 per share), producing total proceeds of about $1.018 billion. Most transactions were large block sales on April 22; a small number of derivative‑type disposals (260 shares total) occurred on April 23.

Key Details

• Transaction dates: April 22–23, 2026 (reported on an amended Form 4 filed May 12, 2026).
• Prices: ranged from about $438.74 up to $702.24 per share; many large blocks around $588–$620.
• Shares sold: ~1,643,913 total; proceeds ≈ $1,018,010,564.
• Shares owned after transaction: not stated in the excerpt; the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest — see the full Form 4 for post‑trade holdings.
• Footnotes: filing amends and restates prior footnotes; trades were allocated to multiple Pentwater funds (e.g., Oceana Master Fund, Pentwater Credit Master Fund, Pentwater Equity Opportunities, Pentwater Merger Arbitrage, Crown managed accounts, LMA SPC/MAP 98). Footnote also notes some securities were “exercisable at any time.”
• Filing notes: This is an amended Form 4 and is labeled as form 1 of 6 (SEC transaction limit required splitting into multiple forms). The trades occurred on Apr 22–23 and were reported via this amended filing on May 12.

Context

• Institutional, not executive: These trades were made by an investment adviser and related funds (a 10% owner), not by a company officer or director — institutional selling can reflect portfolio rebalancing rather than insider sentiment.
• Derivative disposals: the small April 23 disposals are described as "Derivative" in the filing; typically these represent exercise/settlement of derivative positions or related dispositions — see the full filing for exact instrument details.
• Short‑swing profits: the reporting persons state they are in discussions with the issuer and, if required under Section 16(b), will voluntarily pay any realized short‑swing profits.