Spirit Airlines Inc ( SAVE ) shares are down 7.78% to $2.07 Tuesday, likely due to profit-taking after Monday’s rally. The stock surged Monday following news that the company had extended its debt refinancing deadline.

What To Know: Spirit Airlines ( SAVE ) announced it has modified its card processing agreement, extending deadlines for its 2025 notes from October 21 to December 23, and its early maturity date from December 31 to March 3.

This follows ongoing negotiations with U.S. National Bank Association regarding Visa and MasterCard payments.

Amid bankruptcy speculation and losses of over 90% in stock value over the past year, Spirit has fully utilized its $300 million credit facility but expects to end the year with over $1 billion in liquidity.

The airline has struggled since the pandemic, reporting losses in nearly every quarter since February 2020. Its future was further clouded when a federal judge blocked its proposed merger with JetBlue Airways.

Additionally, Spirit faces challenges from grounded planes due to Pratt & Whitney engine issues. Despite abandoning the JetBlue merger, Spirit is on track to achieve $100 million in annual cost savings by 2024, and has shifted its market strategy, exiting 42 markets while adding 77 new routes to better align with demand.

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How To Buy SAVE Stock

By now you're likely curious about how to participate in the market for Spirit Airlines ( SAVE ) – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

According to data from Benzinga Pro, SAVE has a 52-week high of $17.49 and a 52-week low of $1.40.