SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jul 17, 2024

2. SEC Identification Number

154675

3. BIR Tax Identification No.

948-229-000

4. Exact name of issuer as specified in its charter

CEBU AIR, INC.

5. Province, country or other jurisdiction of incorporation

Cebu City, Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

Basement 2 - R 01 - 02, Robinsons Galleria Cebu, General Maxilom corner S. Osmena Boulevard, Barangay Tejera, Cebu City Postal Code 6000

8. Issuer's telephone number, including area code

09990408436

9. Former name or former address, if changed since last report

Level 4 Unit 4030-4031, Robinsons Galleria Cebu, General Maxilom Avenue cor. Sergio Osmena Boulevard, Cebu City

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common	624,436, 133
Convertible Preferred	309,471,601

11. Indicate the item numbers reported herein

10

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Cebu Air, Inc.CEB

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Cebu Air, Inc.'s Equity Restructuring
Background/Description of the Disclosure
On July 17, 2024, the Board of Directors of Cebu Air, Inc. (the “Corporation”) approved a restructuring plan to use the Corporation’s additional paid-in capital, amounting to Twenty Billion Six Hundred Fifty-Eight Million Five Hundred Fifty-Two Thousand Two Hundred Forty-Three Pesos (PhP20,658,552,243.00), as shown in the audited financial statements as of December 31, 2023, to eliminate the retained earnings deficit ("Deficit"). The Corporation has approved the proposal to eliminate the Deficit amounting to Sixteen Billion Two Hundred Sixty-Nine Million One Hundred Eighty-Nine Thousand Two Hundred Seventy Pesos (PhP16,269,189,270.00), by applying a portion of its additional paid-in capital. After the Deficit is completely eliminated, the Corporation’s additional paid[1]in capital as of December 31, 2023, will be reduced to Four Billion Three Hundred Eighty-Nine Million Three Hundred Sixty-Two Thousand Nine Hundred Seventy-Three Pesos (PhP4,389,362,973.00).
Other Relevant Information
This information contains forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding present and future business strategies. Important factors can cause some assumptions not to materialize or cause actual results, performance, or achievements to differ materially from those in the forward-looking statements.