AXAR CAPITAL MANAGEMENT L.P. Form 4 Filed 2023-12-26

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 (Month/Day/Year)
12/21/2023

(Street)

NEW YORK, NY 10014

(City)

(State)

(Zip)

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check applicable line)

______ Form Filed by One Reporting Person
__X__ Form Filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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 (Month/Day/Year)

7. Title and Amount of Securities Underlying Derivative Security (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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrants to purchase Common Stock

12/21/2023

1,233,285

08/02/2023

06/30/2030

Common Stock

1,233,285

$ 0

3,766,715

See footnote⁽¹⁾⁽²⁾

Warrants to purchase Common Stock

12/21/2023

1,428,736

12/21/2023

06/30/2030

Common Stock

1,428,736

$ 0

5,195,451

See footnote⁽¹⁾⁽²⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Axelrod Andrew C/O AXAR CAPITAL MANAGEMENT L.P. 402 W 13TH STREET, FLOOR 5 NEW YORK, NY 10014	X	X
AXAR CAPITAL MANAGEMENT L.P. C/O AXAR CAPITAL MANAGEMENT L.P. 402 W 13TH STREET, FLOOR 5 NEW YORK, NY 10014	X	X
Axar GP, LLC C/O AXAR CAPITAL MANAGEMENT L.P. 402 W 13TH STREET, FLOOR 5 NEW YORK, NY 10014	X	X

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.

	Signatures
	/s/ Andrew Axelrod	12/26/2023
	AXAR CAPITAL MANAGEMENT L.P., By: Axar GP LLC, its general partner, By: /s/ Andrew Axelrod, its Sole Member	12/26/2023
	AXAR GP, LLC, By: /s/ Andrew Axelrod, its Sole Member	12/26/2023
	** Signature of Reporting Person	Date
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