ShareholdingMay 26, 2026, 07:02 AM
Wheels Up: Delta Extends Share Lock-Up to May 2027; Closes $68M Debt Facility
AI Summary
Wheels Up Experience Inc. announced that its lead strategic investor, Delta Air Lines, extended the lock-up restriction on its Class A common stock until May 22, 2027. This extension applies to approximately 35.6% of Wheels Up's outstanding shares, reflecting Delta's continued confidence in the company's strategy. Additionally, Wheels Up's subsidiary, WUP LLC, closed a $68 million Series B Revolving Equipment Notes Facility, securing approximately $64.3 million in net proceeds for general corporate and working capital purposes, including fleet expansion.
Key Highlights
- Delta Air Lines extended its lock-up restriction on Wheels Up Class A common stock through May 22, 2027.
- Approximately 35.6% of Wheels Up's outstanding shares held by Delta remain subject to the lock-up.
- Delta and CIH extended the deadline for filing a shelf registration statement to May 22, 2027.
- Wheels Up's indirect subsidiary closed a $68 million Series B Revolving Equipment Notes Facility.
- The company received net proceeds of approximately $64.3 million from the debt facility.
- The new facility increases the maximum aggregate borrowing under Revolving Equipment Notes Facilities to $400 million.
- Delta provides credit support for the Revolving Equipment Notes Facilities.
Price Impact
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