Wheels Up Experience Inc. (NYSE: UP) has received a notice from the New York Stock Exchange (NYSE) regarding its average closing price per share of common stock not meeting the required minimum of at least $1.00 over a consecutive 30 trading-day period. Despite this, the notice has no immediate effect on the listing of Wheels Up's common stock on the NYSE, and it will continue to be listed and traded under the symbol "UP" subject to compliance with other NYSE continued listing standards.
Wheels Up remains committed to its multi-year business transformation, which includes advancing its fleet transition to Bombardier Challenger 300 series and Embraer Phenom 300 series jets. Additionally, the company has announced efficiency, productivity, and overhead cost reduction actions expected to deliver approximately $70 million of annualized run-rate cost savings upon completion beginning in mid-2026. Wheels Up also plans to leverage its partnership with Delta to deliver premium solutions for every customer journey.
In response to the NYSE notice, Wheels Up has six months to regain compliance with the minimum share price requirement and may consider various available options to achieve this. The company's stockholders have previously authorized its board of directors to complete a reverse stock split with respect to the common stock before the company's 2026 annual meeting of stockholders, subject to certain conditions.
At present, the board of directors has not approved a reverse stock split. However, unless compliance with the minimum price requirement is regained through other available methods, Wheels Up intends to regain compliance with the NYSE's listing standards by completing a reverse stock split with sufficient time before the end of the six-month cure period.
Wheels Up is a leading provider of on-demand private aviation in the U.S, offering a large, diverse fleet and a global network of safety-vetted charter operators. The company's customers access charter and membership programs as well as commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides cargo 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. The market has reacted to these announcements by moving the company's shares 6.59% to a price of $0.6598. Check out the company's full 8-K submission here.
