# EDGAR Filing Document

**Accession Number:** 0001432364
**File Stem:** 0001104659-26-021637
**Filing Date:** 2026-2
**Character Count:** 20898
**Document Hash:** 26e8b0d7bcfe7c35ee520e2e1645f307
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-021637.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001104659-26-021637

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZUL SA
- **CENTRAL INDEX KEY:** 0001432364
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90373
- **FILM NUMBER:** 26700832

**BUSINESS ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040
- **BUSINESS PHONE:** 55 11 4831 2880

**MAIL ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALEB II PARTICIPACOES SA
- **DATE OF NAME CHANGE:** 20080415
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** READYSTATE ASSET MANAGEMENT LP
- **CENTRAL INDEX KEY:** 0001900923

**ORGANIZATION NAME:**
- **EIN:** 872132049
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 360 N GREEN STREET
- **STREET 2:** SUITE 1400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607
- **BUSINESS PHONE:** 312-471-8600

**MAIL ADDRESS:**
- **STREET 1:** 360 N GREEN STREET
- **STREET 2:** SUITE 1400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607

## Exhibit 99.1

**<u>EXHIBIT 99.1</u>**

**<u>JOINT FILING AGREEMENT</u>**

The undersigned hereby agree that the Statement on Schedule 13G filed herewith (and any amendments thereto), relating to the Shares, is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(c) under the Securities Exchange Act of 1934, as amended, on behalf of each of the undersigned.

This Agreement may be executed in counterparts and each of such counterparts taken together shall constitute one and the same instrument.

Dated February 27, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Readystate Asset Management, LP** | **Readystate Asset Management, LP** | **Readystate Master Fund, Ltd.** | **Readystate Master Fund, Ltd.** |
| By: | /s/ Shellane Mulcahy | By: | /s/ Shellane Mulcahy |
|  | Shellane Mulcahy, Authorized Signatory |  | By: Readystate Asset Management, LP, Investment Manager |
|  |  |  | By: Shellane Mulcahy, Authorized Signatory |

---

---

| | | | |
|:---|:---|:---|:---|
| **Readystate Strategic Opportunities Master Fund Ltd.** | **Readystate Strategic Opportunities Master Fund Ltd.** | **Ryan Garino** | **Ryan Garino** |
| By: | /s/ Shellane Mulcahy | By: | /s/ Ryan Garino |
|  | By: Readystate Asset Management, LP, Investment Manager |  | Ryan Garino |
|  | By: Shellane Mulcahy, Authorized Signatory |  |  |

---

---

| | |
|:---|:---|
| **David Grossman** | **David Grossman** |
| By: | /s/ David Grossman |
|  | David Grossman |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** AZUL SA

**Title of Class of Securities:** Common Shares (the "Shares"); the CUSIP relates to American depository shares

**CUSIP Number:** 05501U403

**Date of Event Which Requires Filing of this Statement:** 02/20/2026

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Readystate Asset Management, LP | Names of Reporting Persons<br>Readystate Asset Management, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4946408500000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4946408500000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4946408500000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4946408500000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.0% | Percent of Class Represented by Amount in Row (9)<br>9.0% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, PN | Type of Reporting Person (See Instructions)<br>IA, PN |

**Comment for Type of Reporting Person:** The percentages reported in this Schedule 13G are based upon 54,876,251,778,811 Shares outstanding comprised of (i) 54,730,851,778,811 Shares outstanding as of February 18, 2026 (according to the Issuer's Form 6-K as filed with the Securities and Exchange Commission on February 19, 2026), and (ii) 145,400,000,000 Shares issuable upon conversion of certain warrants that the Issuer is contractually obligated to issue to certain of the reporting persons. Except as described in the preceding sentence, all Shares for the holdings of the reporting persons reported in this Schedule 13G are as of the opening of the market on February 27, 2026.

CUSIP number 05501U403 reported on the cover page above and in Item 2(e) below applies to the unrestricted class of the Issuer's American Depository Shares ("ADSs"), which formerly traded over-the-counter. The reporting persons also own the Issuer's restricted ADSs, CUSIP number 05501U502. There are other classes of the Issuer's ADSs with different CUSIP numbers. The various CUSIPs may represent different numbers of common shares of the Issuer. The reporting persons also own warrants exchangeable for Issuer's common shares. The shared voting power and shared dispositive numbers reported herein represent the aggregate common share equivalent holdings of the various ADSs and the warrants beneficially owned by the reporting persons. All references to "Shares" herein mean common shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Readystate Master Fund, Ltd. | Names of Reporting Persons<br>Readystate Master Fund, Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4385820500000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4385820500000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4385820500000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4385820500000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>8.0% | Percent of Class Represented by Amount in Row (9)<br>8.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Readystate Strategic Opportunities Master Fund Ltd. | Names of Reporting Persons<br>Readystate Strategic Opportunities Master Fund Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>560588000000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>560588000000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>560588000000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>560588000000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>1.0% | Percent of Class Represented by Amount in Row (9)<br>1.0% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Ryan Garino | Names of Reporting Persons<br>Ryan Garino |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4946408500000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4946408500000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4946408500000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4946408500000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.0% | Percent of Class Represented by Amount in Row (9)<br>9.0% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

| 1. | Names of Reporting Persons<br>David Grossman | Names of Reporting Persons<br>David Grossman |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4946408500000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4946408500000.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4946408500000.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4946408500000.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.0% | Percent of Class Represented by Amount in Row (9)<br>9.0% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

**Item 1(a). Name of Issuer:**
AZUL SA

**Item 1(b). Address of Issuer's Principal Executive Offices:**
AV. MARCOS PENTEADO ULHOA RODRIGUES, NO. 939, 9 FLOOR, ED. JATOBA, BARUERI, BRAZIL 06460-040.

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being jointly filed by Readystate Asset Management, LP ("RSAM"), Readystate Master Fund, Ltd. ("RSMF"), Readystate Strategic Opportunities Master Fund Ltd. ("RSSO"), Mr. David Grossman and Mr. Ryan Garino (collectively with RSAM, RSMF, RSSO and Mr. Grossman, the "Reporting Persons") with respect to the Shares of the above-named Issuer. Such owned Shares may include other instruments exercisable for or convertible into Shares as well as ADSs representing Shares.

RSAM is the investment manager of RSMF and RSSO and holds voting and investment power over RSMF and RSSO's investments. Mr. Grossman and Mr. Garino are Managing Partners of RSAM, and may be deemed to indirectly beneficially own the securities reported. Each of Mr. Grossman and Mr. Garino disclaim beneficial ownership of the securities beneficially owned by RSAM, RSMF and RSSO, except to the extent of his pecuniary interest therein.

**Item 2(b). Address of Principal Business Office:**
360 N Green Street, Suite 1400, Chicago, IL 60607.

**Item 2(c). Citizenship:**
Readystate Asset Management, LP is organized as a limited partnership under the laws of the State of Delaware. Each of Readystate Master Fund, Ltd. and Readystate Strategic Opportunities Master Fund Ltd. is organized as an exempted company under the laws of the Cayman Islands. Mr. Grossman and Mr. Garino are U.S. citizens.

**Item 2(d). Title of Class of Securities:**
Common Shares (the "Shares"); the CUSIP relates to American depository shares

**Item 2(e). CUSIP Number:**
05501U403

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

1. Readystate Asset Management, LP may be deemed to beneficially own 4,946,408,500,000 Shares.
2. Readystate Master Fund, Ltd. may be deemed to beneficially own 4,385,820,500,000 Shares.
3. Readystate Strategic Opportunities Master Fund Ltd. may be deemed to beneficially own 560,588,000,000 Shares.
4. Mr. Grossman may be deemed to beneficially own 4,946,408,500,000 Shares.
5. Mr. Garino may be deemed to beneficially own 4,946,408,500,000 Shares.

**(b) Percent of class:**

1. The number of Shares that Readystate Asset Management, LP may be deemed to beneficially own constitutes 9.0% of the Shares outstanding.
2. The number of Shares that Readystate Master Fund, Ltd. may be deemed to beneficially own constitutes 8.0% of the Shares outstanding.
3. The number of Shares that Readystate Strategic Opportunities Master Fund Ltd. may be deemed to beneficially own constitutes 1.0% of the Shares outstanding.
4. The number of Shares that Mr. Grossman may be deemed to beneficially own constitutes 9.0% of the Shares outstanding.
5. The number of Shares that Mr. Garino may be deemed to beneficially own constitutes 9.0% of the Shares outstanding.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

1. Readystate Asset Management, LP: 0
2. Readystate Master Fund, Ltd.: 0
3. Readystate Strategic Opportunities Master Fund Ltd.: 0
4. Mr. Grossman: 0
5. Mr. Garino: 0

**(ii) Shared power to vote or to direct the vote:**

1. Readystate Asset Management, LP: 4,946,408,500,000
2. Readystate Master Fund, Ltd.: 4,385,820,500,000
3. Readystate Strategic Opportunities Master Fund Ltd.: 560,588,000,000
4. Mr. Grossman: 4,946,408,500,000
5. Mr. Garino: 4,946,408,500,000

**(iii) Sole power to dispose or to direct the disposition of:**

1. Readystate Asset Management, LP: 0
2. Readystate Master Fund, Ltd.: 0
3. Readystate Strategic Opportunities Master Fund Ltd.: 0
4. Mr. Grossman: 0
5. Mr. Garino: 0

**(iv) Shared power to dispose or to direct the disposition of:**

1. Readystate Asset Management, LP: 4,946,408,500,000
2. Readystate Master Fund, Ltd.: 4,385,820,500,000
3. Readystate Strategic Opportunities Master Fund Ltd.: 560,588,000,000
4. Mr. Grossman: 4,946,408,500,000
5. Mr. Garino: 4,946,408,500,000

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Readystate Asset Management, LP**

**Date:** 02/27/2026

**By:** /s/ Shellane Mulcahy

**Name & Title:** Shellane Mulcahy, Authorized Signatory

**Readystate Master Fund, Ltd.**

**Date:** 02/27/2026

**By:** /s/ Shellane Mulcahy

**Name & Title:** By: Readystate Asset Management, LP, Investment Manager, By: Shellane Mulcahy, Authorized Signatory

**Readystate Strategic Opportunities Master Fund Ltd.**

**Date:** 02/27/2026

**By:** /s/ Shellane Mulcahy

**Name & Title:** By: Readystate Asset Management, LP, Investment Manager, By: Shellane Mulcahy, Authorized Signatory

**Ryan Garino**

**Date:** 02/27/2026

**By:** /s/ Ryan Garino

**Name & Title:** Ryan Garino

**David Grossman**

**Date:** 02/27/2026

**By:** /s/ David Grossman

**Name & Title:** David Grossman