Wheels Up Experience Inc. (NYSE: UP) recently received a notice from the New York Stock Exchange (NYSE) indicating that the average closing price per share of its common stock did not exceed $1.00 over a 30 consecutive trading-day period, which is required for continued listing on the NYSE. As of December 31, 2024, Wheels Up had approximately $316 million of liquidity, comprised of approximately $216 million of unrestricted cash and cash equivalents and an undrawn $100 million commitment from Delta under its revolving credit facility.
In response to the NYSE notice, Wheels Up remains committed to executing its long-term, foundational improvements to its operations and commercial engine, with the objective of building a resilient business model to support sustainable future profitability. Key initiatives supporting this business transformation include modernizing its fleet through the addition of customer-preferred Embraer Phenom 300 series and Bombardier Challenger 300 series jets, leveraging its partnership with Delta Air Lines, and delivering premium solutions for every customer journey.
Wheels Up has six months from the receipt of the notice to regain compliance with the minimum share price requirement. The company intends to regain compliance with the NYSE’s listing standards and has responded to the NYSE with respect to its intent to cure the deficiency by seeking approval at its upcoming annual meeting of stockholders on June 10, 2025, to authorize a reverse stock split of the company’s common stock and, unless it has already otherwise regained compliance, effecting such reverse stock split.
Wheels Up is a leading provider of on-demand private aviation in the U.S. with a large, diverse fleet and a global network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides freight, safety, security, and managed services to a range of clients, including individuals and government organizations. As a result of these announcements, the company's shares have moved -0.6% on the market, and are now trading at a price of $0.84. If you want to know more, read the company's complete 8-K report here.
