Is ULCC diluting shareholders?

Read three numbers together: shares outstanding over time (229.8M as of 2026-05-01), warrants that can convert into new shares, and how much cash runway remains (~17.645714285714284 months). A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

Frontier Group Holdings, Inc. (ULCC)

CIK 1670076 · all EDGAR filings →

Overall dilution risk

HIGHworst of 3 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

not every sub-rating was computable; treat as a floor

Offering ability

HIGHS-1/A on file 2021-03-23

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

NOT COMPUTEDno warrant count tagged in XBRL

= warrant shares outstanding divided by current shares outstanding

absence of a tag is not proof of absence of warrants

Historical dilution

LOW+4% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

MEDIUM~17.6 months of runway

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 229.8M shares as of May 1, 2026 (10-Q).

Cash runway

Funded — but tight

~18 months of cash · watch

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
US Department of Treasury CARES Act Credit Agreement Warrants	248,893	$6.95	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed Jul 29, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Balance-sheet fair value of warrants: $43.0M as of Jun 30, 2021.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Jul 29, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	229.8M	May 1, 2026
+ US Department of Treasury CARES Act Credit Agreement Warrants (if exercised)	248,893	Jun 30, 2026
Fully diluted estimate	230.0M	+0.1% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 0 executed · 0 registered.

EFFECTIVEFeb 17, 2023SEC declared a registration effective — selling can beginEFFECT →

UPDATEMay 11, 2022Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEMay 11, 2022SEC declared a registration effective — selling can beginEFFECT →

EXECUTEDApr 30, 2021Unregistered share sale disclosed (8-K item 3.02)8-K →

EXECUTEDApr 2, 2021Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →

EFFECTIVEMar 31, 2021SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDMar 23, 2021S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDMar 19, 2021S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDMar 18, 2021S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

REGISTEREDMar 8, 2021S-1 registration — capacity to sell shares, not a sale yetS-1 →

WITHDRAWNJul 24, 2020Registration withdrawnRW →

REGISTEREDJun 12, 2017S-1/A registration — capacity to sell shares, not a sale yetS-1/A →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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