Approximately 97.2% of lead investor shares
will remain subject to the lock-up restriction until September 20, 2025
ATLANTA, Sept. 23,
2024 /PRNewswire/ -- Wheels Up Experience Inc. (NYSE:
UP) today announced that lead investors, Delta Air Lines,
Inc., CK Wheels LLC, and Cox Investment
Holdings, LLC, agreed to extend the lock-up restriction with
respect to all their shares of common stock issued under the
Investment and Investor Rights Agreement, for an additional year,
until September 20, 2025. In addition, Kore Capital
LLC and funds managed by Whitebox Advisors LLC, agreed to
extend the lock-up restriction with respect to 72.5% of their
shares until September 20, 2025. As a result,
approximately 97.2% of the shares issued under the Investment and
Investor Rights Agreement will remain subject to a lock-up
restriction until September 20, 2025.
"I appreciate the confidence and support of the company's lead
investors," said Wheels Up Chief Executive Officer George Mattson. "We believe that this extended
commitment by our investors allows us to continue to execute on our
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.
About Wheels Up
Wheels Up is a leading provider of
on-demand private aviation and one of the largest companies in the
industry. Wheels Up offers a complete global aviation solution with
a large and diverse fleet and a global network of safety-vetted
charter operators, all backed by an uncompromising commitment to
safety and service. Customers can access charter and membership
programs, as well as unique commercial travel benefits through a
one-of-a-kind, strategic partnership with Delta Air Lines. Wheels
Up also offers cargo, safety and security solutions and managed
services to individuals, industry, government and civil
organizations.
Wheels Up is guided by the mission to deliver a premium solution
for every customer journey. With the Wheels Up mobile app and
website, members and customers have the digital convenience to
search, book and fly.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains certain
"forward-looking statements" within the meaning of the federal
securities laws. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to known and unknown risks, uncertainties, assumptions, and
other important factors, many of which are outside of the control
of Wheels Up Experience Inc. ("Wheels Up"). The words
"anticipate," "continue," "could," "expect," "plan," "potential,"
"should," "would," "pursue" and similar expressions, may identify
forward-looking statements, but the absence of these words does not
mean that statement is not forward-looking. Factors that
could cause actual results to differ materially from those
expressed or implied in forward-looking statements can be found in
Wheels Up's Annual Report on Form 10-K for the year ended
December 31, 2023, filed with the U.S. Securities and
Exchange Commission (the "SEC") on March 7,
2024 and Wheels Up's other filings with the SEC from time to
time. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Except as required by law, Wheels Up does not intend to update any
of these forward-looking statements after the date of this press
release.
For more information, please visit: wheelsup.com
Media Contact
press@wheelsup.com
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SOURCE Wheels Up
