Sec Form 4 Filing - Axelrod Andrew @ Global Crossing Airlines Group Inc. - 2023-12-21

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Axelrod Andrew 2. Issuer Name and Ticker or Trading Symbol Global Crossing Airlines Group Inc. [ JETMF] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O AXAR CAPITAL MANAGEMENT L.P., 402 W 13TH STREET, FLOOR 5 3. Date of Earliest Transaction (MM/DD/YY) 12/21/2023 (Street) NEW YORK, NY10014 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrants to purchase Common Stock $ 1 12/21/2023 D 1,233,285 08/02/2023 06/30/2030 Common Stock 1,233,285 $ 0 3,766,715 I See footnote ( 1 ) ( 2 ) Warrants to purchase Common Stock $ 1 12/21/2023 A 1,428,736 12/21/2023 06/30/2030 Common Stock 1,428,736 $ 0 5,195,451 I See footnote ( 1 ) ( 2 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Axelrod Andrew C/O AXAR CAPITAL MANAGEMENT L.P. 402 W 13TH STREET, FLOOR 5 NEW YORK, NY10014 X X AXAR CAPITAL MANAGEMENT L.P. C/O AXAR CAPITAL MANAGEMENT L.P. 402 W 13TH STREET, FLOOR 5 NEW YORK, NY10014 X X Axar GP, LLC C/O AXAR CAPITAL MANAGEMENT L.P. 402 W 13TH STREET, FLOOR 5 NEW YORK, NY10014 X X Signatures /s/ Andrew Axelrod 12/26/2023 Signature of Reporting Person Date AXAR CAPITAL MANAGEMENT L.P., By: Axar GP LLC, its general partner, By: /s/ Andrew Axelrod, its Sole Member 12/26/2023 Signature of Reporting Person Date AXAR GP, LLC, By: /s/ Andrew Axelrod, its Sole Member 12/26/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )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. ( 2 )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 exercise thereof) held by the Axar Vehicles.

Remarks: 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.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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