Shares of Spirit Airlines fell by over 30% on Friday, pacing the company’s worst loss since a merger with JetBlue Airways was blocked earlier this year, after reports indicated the low-cost airline was exploring bankruptcy. Spirit’s shares dropped to just over $1.50 as of around 9:50 a.m. Friday, following an earlier plunge in premarket trading.

The stock crashed 34% to $1.39 in premarket trading, putting it on course to open at a record low. Even before Friday’s plunge, Spirit shares were down 86% for the year with inv