Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 226

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 226
---
ITEM 10 ADDITIONAL INFORMATION

  Share Capital  

Not applicable.

  Memorandum and Articles of Association  

Our by-laws were filed as an Exhibit 3.1 to our registration
statement on Form F-1 filed with the SEC on September 16, 2013 and our amended by-laws were filed on Form 6-K with the SEC on September
30, 2020. On April 21, 2023, our shareholders approved the April 2023 Committee Restructuring Plan to amend our by-laws. Our amended by-laws
were furnished on Form 6-K with the SEC on May 16, 2023.

Corporate Object and Purpose

Article 2 of our by-laws state that our corporate purpose
is, in general, to undertake any type of act, and execute any type of agreements, instruments and documents, including those of commercial
and civil nature, permitted by the applicable law, in Mexico or in any other jurisdiction.

Overview

Our capital stock is divided into two series of shares, Series A
shares and Series B shares. Series A shares are common shares and may only be owned directly by Mexican individuals or entities
controlled by Mexican individuals. Series B Shares are common shares and may be purchased by Mexican or non-Mexican individuals or
entities.

On November 22, 2023, the holders of all our outstanding Series
B shares converted their Series B shares into Series A Shares represented by Ordinary Participation Certificates (Certificados de Participación
Ordinarios) in the form of the corresponding American Depositary Shares. Therefore, we no longer have Series B shares.

Since we are a variable capital public stock corporation,
our capital stock must have a fixed portion, currently represented by Series A shares and may have a variable portion currently represented
both by Series A shares. Our by-laws set forth that Series B shares may not represent more than 49% of our outstanding capital stock that
is not underlying CPOs at any time. As of the date of this annual report our outstanding capital stock consisted of 1,165,976,677.

Series A shares. All or a portion of our Series A shares may
underlie CPOs and can be purchased by non-Mexican investors.

Upon the consummation of our initial public offering in September 2013,
our non-Mexican shareholders at that time became the holders of all the outstanding Series B shares and a certain number of CPOs
and our current Mexican shareholders