Wheels Up Experience Inc. announced on September 23, 2024, that its lead investors, including Delta Air Lines, CK Wheels LLC, and Cox Investment Holdings, LLC, agreed to extend their share lock-up restrictions. This extension applies to approximately 97.2% of the shares issued under the Investment and Investor Rights Agreement, prolonging the restriction until September 20, 2025.
Additionally, Kore Capital LLC and funds managed by Whitebox Advisors LLC also agreed to extend the lock-up restriction for 72.5% of their shares until the same date. This collective action by major investors signals strong confidence in Wheels Up's ongoing strategic plan and its path to future success.
The extended commitment from these key investors is expected to provide stability by preventing a large volume of shares from becoming available for sale. This move supports the company's efforts to execute its strategic initiatives without immediate concerns of significant market dilution from these major stakeholders.
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