Company: CTTRF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001292814-25-001765
Chunk: 56

Company: Controladora Vuela Compania de Aviacion, S.A.B. de C.V.
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 56
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 or operations, nor are they protected from the results of any such corporate action taken by our holders of Series
A shares. Mexican investors determine the outcome of substantially all shareholder matters. For a more complete description of the circumstances
under which holders of our securities may vote, see Item 10: “ Additional Information - Memorandum and Articles of Association - Overview.”

Preemptive rights may be unavailable to non-Mexican holders of the ADSs
and CPOs and, as a result, such holders may suffer dilution.

Except in certain limited circumstances, under Mexican law,
if we issue new shares of common stock for cash as part of a capital increase, we must grant our shareholders the right to subscribe and
pay for a sufficient number of shares to maintain their existing ownership percentage in our company. Rights to subscribe and pay for
shares in these circumstances are known as preemptive rights. We may not legally be permitted to allow holders of ADSs and CPOs in the
United States to exercise any preemptive rights in any future capital increase unless we file a registration statement with the SEC with
respect to that future issuance of shares or the offering qualifies for an exemption from the registration requirements of the Securities
Act and take certain corporate steps, including the publication of a preemptive rights notice in Mexico. Similar restrictions may apply
to holders of ADSs and CPOs in other jurisdictions. We cannot assure you that we will file a registration statement with the SEC, or any
other regulatory authority, to allow holders of ADSs and CPOs in the United States, or any other jurisdiction, to participate in a preemptive
rights offering. At the time of any future capital increase, we will evaluate the costs and potential liabilities associated with filing
a registration statement with the SEC and any other factors that we consider important to determine whether we will file such a registration
statement. Under Mexican law, sales by the depositary of preemptive rights and distribution of the proceeds from such sales to you, the
ADS holders, is not possible.

In addition, additional CPOs may be released only if the CPO
deed permits the release of a number of CPOs sufficient to represent the shares to be issued to and held by the CPO trustee upon the exercise
of preemptive rights. Because non-Mexican holders of ADSs and CPOs are not entitled to acquire direct ownership of the underlying Series A
shares in respect of such ADSs and CPOs, they may not be able to exercise