secwatch.observer — SEC 8-K summary
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Issuer:     SOUTHWEST AIRLINES CO (LUV)
CIK:        0000092380
Form:       8-K
Filed at:   2024-07-03T23:59:59+00:00
Accession:  0001193125-24-174642
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 3.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Southwest adopts poison pill after Elliott builds ~11% stake; rights trigger at 12.5%
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- Rights plan effective July 2, 2024, expires in one year; dividend of one Right per share to holders of record July 15.
- Triggering percentage set at 12.5% of outstanding common stock; rights become exercisable on acquisition above that.
- Elliott Investment Management reported ~11% economic interest but has not fully disclosed position to SEC; can acquire more starting July 11.
- Under triggered plan, holders (excluding triggering party) can buy shares at 50% discount or exchange for one share per Right.
- Rights plan has no dead-hand or slow-hand features; Board can redeem rights at $0.001 per Right before a trigger.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/92380/000119312524174642/0001193125-24-174642-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/92380/000119312524174642/d850854d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-174642

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