Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 55

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 55
---

interest in one Series A share. Non-Mexican investors in the ADSs may not directly hold the underlying Series A shares, but
may hold them only indirectly through CPOs issued and released by a Mexican bank as trustee under the CPO trust or ADSs evidencing CPOs.
Upon expiration of the 50-year term of our CPO trust agreement, the underlying Series A shares must be placed in a new trust similar
to the current CPO trust for non-Mexican investors to hold an economic interest (but no voting rights) in such Series A shares, or
be sold to third parties or be delivered to non-Mexican holders to the extent then permitted by applicable law (not currently permitted).

We cannot assure you that a new trust similar to the CPO trust
will be created if the current CPO trust terminates, or that, if necessary, the Series A shares represented by the CPOs will be sold
at an adequate price, or that Mexican law will be amended to permit the transfer of Series A shares to non-Mexican holders in the
event that the trust is terminated. In that event, unless Mexican law has changed to permit non-Mexican investors to hold our shares directly,
non-Mexican holders may be required to cause all of the Series A shares represented by the CPOs to be sold to a Mexican individual
or corporation.

  40  

  Table of Contents  

We have obtained authorization from the Mexican Ministry of
Economy (Secretaría de Economía) for the issuance up to 90% of our outstanding capital stock in CPOs. Since non-Mexican
investors are required to invest in CPOs in order to hold a financial interest in our capital stock, if this 90% threshold were to be
met, we would be unable to obtain additional capital contributions from non-Mexican investors, or we would be required to obtain a new
authorization from the Mexican Ministry of Economy (Secretaría de Economía) for the issuance of more than 90% of
our outstanding capital stock in CPOs. We cannot assure you that we would be able to obtain such authorization.

Holders of the ADSs and CPOs have no voting rights.

Holders of the ADSs and CPOs are not entitled to vote the
underlying Series A shares. As a result, holders of the ADSs and CPOs do not have any influence over the decisions made relating to our
company’s business