Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 241

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 241
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 appraisal rights generally will not be
available to them.

Cancellation of Registration in the Mexican
National Securities Registry

In accordance with our by-laws, and as set forth in the LMV,
we will be required to make a public tender offer for the purchase of stock held by minority shareholders, in the event that the registration
of our Series A shares with the Mexican National Securities Registry is cancelled, either as a result of our determination or by
an order of the CNBV. Our controlling shareholders will be secondarily liable for these obligations. A controlling shareholder will be
deemed to be a shareholder that holds a majority of our capital stock, has the ability to control the outcome of decisions made at a shareholders
or board of directors meeting, or has the ability to appoint a majority of the members of our board of directors. The price at which the
stock must be purchased is the higher of:

  the average quotation price on the Mexican Stock Exchange for the 30 days prior to the date of the tender offer, or  
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  the book value, as reflected in the report filed with the CNBV and the Mexican Stock Exchange.  
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If the tender for cancellation is requested by the CNBV, it
must be initiated within 180 days from the date of the request. If initiated by us, under the LMV, the cancellation must be approved
by 95% of our shareholders.

Our board of directors must make a determination with respect
to fairness of the tender offer price, taking into consideration the minority shareholders’ interest, and disclose its opinion within
10 business days from the commencement of the offering.

The resolution of the board of directors may be accompanied
by a fairness opinion issued by an expert selected by our audit committee. Directors and first-level officers are required to disclose
whether or not each of them will sell their shares in connection with the tender offer.

  Material Contracts  

For a description of material contracts relating to our indebtedness.
See Item 5: “ Operating and Financial Review and Prospects - Liquidity and Capital Resources - Loan Agreements.”

  Exchange Controls  
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Mexico has had a free market for foreign exchange since 1991,
and the Mexican federal government has allowed the peso to float freely against the U. S. dollar since December 1994. We have no control
over or influence on this