This isn’t accurate. It’s not as simple as investor.com

https://www.sec.gov/Archives/edgar/d...m#toc614592_11

is a good place to start where you can read how the debt holders are looking to off load 6m shares soon

Also there is common stock, preferred stock, warrants etc all in play here. Dont believe for a second that the airlines is owned by common stock holders.

For example:
The number of shares of our Common Stock outstanding is based on 25,878,921 shares of Common Stock issued and outstanding on June 30, 2025 and excludes:

14,443,640 shares of Common Stock issuable upon the exercise of the 14,443,640 warrants issued and outstanding as of June 30, 2025; and

4,032,258 shares of Common Stock reserved for future issuance under our 2025 Incentive Award Plan, which was adopted on April 16, 2025.

So the 25m shares your reference shows doesn’t even show the rest of the stock/warrants in play with the bondholders.