Pentwater Capital Management's Significant Stock Sales and Call Option Transactions in Avis Budget Group

This SEC Form 4 filing reports substantial stock sales and call option transactions by Pentwater Capital Management LP and its principal Matthew Halbower in Avis Budget Group, Inc. (CAR). The filing represents form 2 of 6 due to transaction volume limitations. On April 22-23, 2026, the reporting persons sold approximately 1.4 million shares of common stock across multiple funds at prices ranging from $250.61 to $438.74 per share, reducing their total holdings from over 6.1 million to about 4.3 million shares. Additionally, they sold numerous call options with various strike prices ($220-$310) and expiration dates (May 8, 2026). The filing includes important footnotes disclosing that certain transactions are matchable under Section 16(b) short-swing profit rules, and the reporting persons have agreed to voluntarily disgorge any profits from these transactions to the issuer. The transactions involve multiple Pentwater funds including Pentwater Merger Arbitrage Master Fund, Pentwater Equity Opportunities Master Fund, and others.