Wheels Up Faces NYSE Compliance Issue

By Tamara Parker • Monday, April 28 10:07 • Permanent Link

Wheels Up Experience Inc. (NYSE: UP) has 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. As of December 31, 2024, the company 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. The company has six months from the receipt of the notice to regain compliance with the minimum share price requirement. It intends to seek approval at its upcoming annual meeting of stockholders on June 10, 2025, to authorize a reverse stock split of the company’s common stock in order to cure the deficiency. Wheels Up is also considering various other available options to regain compliance with the minimum share price requirement.

Furthermore, the company is focused on improving profitability and expanding margins by modernizing its fleet, leveraging its partnership with Delta, and delivering premium solutions for every customer journey. 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.

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. Customers access charter and membership programs and commercial travel benefits through a strategic partnership with Delta Air Lines. The company also provides freight, safety, security, and managed services to a range of clients, including individuals and government organizations. Members can easily search, book, and fly using the Wheels Up app and website. As a result of these announcements, the company's shares have moved -0.0% 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.

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