Wheels Up Experience announced that lead investors, Delta Air Lines, Inc., CK Wheels, and Cox Investment Holdings, 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 and funds managed by Whitebox Advisors, 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 George Mattson, Wheels Up CEO. “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.