Wheels Up Experience Inc.

Wheels Up Experience Inc. stockholders approved an amendment to the 2021 Long-Term Incentive Plan (LTIP) at its Annual Meeting on June 9, 2026. The amendment increases the aggregate number of Class A common shares available for awards by 3,750,000 (post-reverse stock split) to a total of 6,757,484 shares and extends the plan's termination date to March 31, 2036. Additionally, stockholders elected four Class II directors, approved named executive officer compensation for fiscal year 2025, and ratified Grant Thornton LLP as the independent auditor for fiscal year 2026.

Wheels Up Experience Inc. has entered into a new Credit Agreement, securing an initial $100.0 million unsecured term loan facility from existing lenders Delta Air Lines, Cox Investment Holdings, LLC, and CK Wheels LLC. The company intends to utilize these proceeds for working capital, general corporate purposes, advancing growth initiatives, scaling its aircraft fleets, and/or repaying existing indebtedness. The 2026 Term Loan has a maturity date of May 29, 2029, and carries an interest rate of 12% per annum, payable in kind. Additionally, Wheels Up executed Amendment No. 4 to its 2023 Credit Agreement.

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.

Wheels Up Experience Inc. announced its Q1 2026 financial results and secured a new $100 million unsecured term loan commitment from its primary investor group, including Delta Air Lines, Cox Investment Holdings, and CK Wheels. The company reported a net loss of $83.0 million, a 16% improvement year-over-year, on GAAP revenue of $168.9 million, down 5%. Total Gross Bookings, however, increased 10% to $267.2 million. The new financing, along with an upsized aircraft financing facility, is expected to provide $165 million in incremental liquidity in Q2 2026 to fund growth plans and fleet investments, following the completion of its fleet modernization 18 months ahead of schedule.

Wheels Up Experience Inc. reported its first-quarter 2026 financial results, showing a net loss of $83.0 million on revenue of $168.9 million. The company also announced a 1-for-20 reverse stock split, which became effective on April 24, 2026, aiming to reduce the number of outstanding shares and increase the per-share trading price. This quarter saw an increase in long-term debt and a significant decrease in cash and cash equivalents, alongside an increased net cash used in operating activities.

Wheels Up Experience Inc. announced the completion of its fleet modernization strategy, transitioning its on-fleet jet operations to exclusively Phenom 300 and Challenger 300 series aircraft. This milestone was achieved approximately 18 months ahead of schedule, repositioning the company for a more consistent, premium, and operationally efficient experience for members. The company will continue to fulfill existing member commitments for retired legacy jets through its safety-vetted network of third-party partner operators.

Wheels Up Experience Inc. completed a 1-for-20 reverse stock split of its Class A common stock, effective April 24, 2026. Concurrently, the company reduced its authorized shares from 1.5 billion to 75 million. This action also led to adjustments in the terms of outstanding warrants, including an increased exercise price and reduced shares per warrant, and an amendment to the Wheels Up Partners Holdings LLC agreement to reflect the changes in membership interests.

Wheels Up Experience Inc. announced the retirement of two directors, Timothy M. Armstrong and Daniel C. Janki, from its Board. Mr. Armstrong will not seek re-election at the 2026 Annual Meeting, while Mr. Janki's resignation was effective April 22, 2026. The company appointed Erik S. Snell, Delta Air Lines' EVP and CFO, as a Class I director to fill the vacancy left by Mr. Janki. These changes are attributed to professional commitments and not disagreements with the company.

Wheels Up Experience Inc. announced that its Board of Directors approved a 1-for-20 reverse stock split of its Class A common stock. This decision, made on April 13, 2026, also includes a proportionate reduction in the number of authorized shares from 1.5 billion to 75 million. The reverse stock split and authorized share reduction are anticipated to become effective immediately after the close of trading on the NYSE on April 24, 2026.

Wheels Up Experience Inc.'s Board of Directors approved a 1-for-20 reverse stock split of its Class A common stock. This action also includes a proportionate reduction in the number of authorized shares from 1.5 billion to 75 million. The reverse stock split and authorized share reduction are expected to become effective immediately after the close of trading on the NYSE on April 24, 2026.