Wheels Up Extends Lock-Up Agreement for Key Investors
Wheels Up Extends Lock-Up Agreement for Key Investors
Wheels Up Experience Inc. (NYSE: UP) today announced an exciting development concerning its lead investors. The company revealed that 97.2% of the lead investor shares will remain under a lock-up restriction due to a new agreement reached. This agreement is crucial as it reflects the continued confidence from key backers in the company's future.
Details of Lock-Up Extension
The company's lead investors, including Delta Air Lines, CK Wheels LLC, and Cox Investment Holdings, LLC, have decided to extend the existing lock-up restriction on their shares. This extension means that these shares will be locked up for an additional year and will now remain restricted until September 20, 2025. Similarly, Kore Capital LLC and the funds managed by Whitebox Advisors have committed to extending the lock-up for 72.5% of their shares until the same date. The combined efforts of these investors ensure that approximately 97.2% of the shares resultant from the Investment and Investor Rights Agreement will be governed by this lock-up period.
Support from Investors
George Mattson, Chief Executive Officer of Wheels Up, expressed his gratitude towards the company’s lead investors, stating, “I appreciate the confidence and support of the company’s lead investors. We believe that this extended commitment by our investors allows us to continue to execute on our strategic plan.” This statement highlights the alignment between investor interests and the company’s operational strategies.
Implications of the Lock-Up Agreement
The lock-up agreement serves as a testament to the investors' faith in Wheels Up's business model and growth potential. With this support, Wheels Up can continue to carry out its strategic objectives without the pressure of sudden selling of shares in the market. The stability provided by this restriction is expected to inspire additional investor confidence and enhance the overall market perception of the company.
Current Filing with SEC
In conjunction with its announcement, Wheels Up will file a Current Report on Form 8-K with the SEC to ensure compliance and transparency regarding the extension of these lock-up restrictions. This filing will detail the terms and context of the agreement, ensuring that all stakeholders are informed.
About Wheels Up
Wheels Up is recognized as a leading provider of on-demand private aviation services, operating one of the largest and most diverse fleets available. The company connects customers to a wide array of charter and membership programs, enhancing the private flying experience. A hallmark of Wheels Up is its commitment to safety, service quality, and a strong customer experience, with operational backing through a strategic partnership with Delta Air Lines. In addition to flight services, Wheels Up also provides cargo logistics, managed services, and a range of safety and security solutions, catering to both individuals and organizations across various sectors.
Enhancing Customer Experience
The company’s mission is to deliver top-tier solutions for every customer journey, making private aviation accessible and convenient. With the help of the Wheels Up mobile app and website, users have the flexibility to search, book, and fly seamlessly, making the entire process user-friendly and efficient.
Frequently Asked Questions
What is the significance of the lock-up extension?
The lock-up extension signifies strong investor confidence and allows Wheels Up to pursue its strategic goals without market disruptions.
Who are the lead investors involved?
The lead investors include Delta Air Lines, CK Wheels LLC, and Cox Investment Holdings, LLC.
What date is the extended lock-up period set until?
The extended lock-up period will continue until September 20, 2025.
How does the lock-up affect Wheels Up's market position?
The lock-up stabilizes the market by preventing sudden share sales, thereby boosting investor confidence in Wheels Up's future prospects.
What services does Wheels Up offer?
Wheels Up provides private aviation services, charter programs, safety solutions, and managed services to various clients, including individuals and organizations.
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