Volaris ADS Offering

December 11, 2020

Cleary Gottlieb represented Morgan Stanley, Evercore ISI, Santander, Citigroup, and BofA Securities, as underwriters, in a primary follow-on equity offering by Controladora Vuela Compañía de Aviación S.A.B. de C.V. (Volaris).

The offering consisted of 154.1 million ordinary participation certificates (certificados de participación ordinarios; CPOs) in the form of American Depositary Shares (ADSs) at a price to the public of $11.25 per ADS and was made pursuant to Volaris’ shelf registration statement filed with the Securities and Exchange Commission. Each ADS represents 10 CPOs and each CPO represents a financial interest in one Series A share of common stock of Volaris. The offering included exercise of the underwriters’ greenshoe option to purchase additional CPOs.

The ADSs are listed on the New York Stock Exchange under the trading symbol “VLRS,” and the offering closed on December 11, 2020.

Volaris is an ultra-low-cost carrier (ULCC), with point-to-point operations, serving Mexico, the United States, and Central America. Volaris offers low base fares to build its market, providing quality service and extensive customer choice. Since beginning operations in March 2006, Volaris has increased its routes from five to more than 171 and its fleet from four to 85 aircrafts. Volaris offers more than 350 daily flight segments on routes that connect 43 cities in Mexico and 25 cities in the United States with one of the youngest fleets in the Americas. Volaris targets passengers who are visiting friends and relatives, cost-conscious business, and leisure travelers in Mexico, and in selected destinations in the United States and Central America.