Wheels Up Experience Inc. (NYSE: UP) has announced that its lead investors, including Delta Air Lines, Inc., CK Wheels LLC, and Cox Investment Holdings, LLC, have agreed to extend the lock-up restriction with respect to their shares of common stock for an additional year, until September 20, 2025. Additionally, Kore Capital LLC and funds managed by Whitebox Advisors LLC have also agreed to extend the lock-up restriction with respect to 72.5% of their shares until the same date. As a result, approximately 97.2% of the shares issued under the investment and investor rights agreement will remain subject to the lock-up restriction until September 20, 2025.
This extension demonstrates the continued confidence and support of the company's lead investors, as highlighted by Wheels Up Chief Executive Officer George Mattson. The extended commitment by these investors is expected to enable the company to continue executing on its strategic plan.
Concurrently with this announcement, the company is filing a current report on Form 8-K with the SEC related to the extension of the lock-up restrictions.
Wheels Up, a leading provider of on-demand private aviation and one of the largest companies in the industry, offers a complete global aviation solution with a large and diverse fleet and a global network of safety-vetted charter operators. The company is known for its uncompromising commitment to safety and service and provides access to charter and membership programs, commercial travel benefits, cargo, safety and security solutions, and managed services.
As the company continues to focus on its mission to deliver a premium solution for every customer journey, the extension of the lock-up restriction by the lead investors signifies a significant development in its investor relations and strategic planning. As a result of these announcements, the company's shares have moved -4.1% on the market, and are now trading at a price of $2.36. If you want to know more, read the company's complete 8-K report here.
