Highest-materiality recent filing
Wheels Up closes $100M unsecured term loan with 12% PIK interest; matures 2029
Received $100M on May 29 from Delta, Cox, and CK Wheels; proceeds for working capital, fleet expansion, and debt repayment.
Delta extends lock-up on 35.6% stake through May 2027; Wheels Up closes $68M equipment facility
Delta extended lock-up on all its shares of Wheels Up common stock through May 22, 2027; shares represent ~35.6% of outstanding.
Wheels Up secures $100M unsecured term loan from Delta-led group; Q1 results released
Delta, Cox and CK Wheels commit to $100M unsecured term loan; expected close Q2 2026.
Wheels Up retires legacy jet fleets 18 months early; now operates only Phenom 300 and Challenger 300
Transitioned legacy Citation X and Hawker 400XP jets out of revenue service 18 months ahead of schedule.
Wheels Up implements 1-for-20 reverse stock split; authorized shares cut to 75M
Reverse stock split at 1-for-20 ratio effective after market close on April 24, 2026.
Wheels Up approves 1-for-20 reverse stock split to regain NYSE compliance
Board approved Reverse Stock Split at ratio of 1-for-20; effective after NYSE close on April 24, 2026.
Wheels Up Q4 2025: first-ever positive Adjusted EBITDAR; net loss improves
Q4 2025 marked first positive Adjusted EBITDAR in company history, per investor letter.
Wheels Up enters $105M sale-leaseback for 10 aircraft; net proceeds ~$40M for fleet expansion
Sale-leaseback of 3 Challenger 300s and 7 Phenom 300s for ~$104.7M; closes by Dec 31, 2025.
Wheels Up receives NYSE non-compliance notice for sub-$1.00 stock price; plans reverse split
NYSE notified Wheels Up on Dec 17, 2025 that average closing price was below $1.00 over 30 consecutive trading days.
Productivity initiatives now targeting $70M+ annual run-rate cost savings, exceeding original $50M goal; full benefit by Q3 2026.
Lead investors extend lock-up on ~85% of Wheels Up shares until May 2026
Lead investors (Delta, CK Wheels, Cox) extend lock-up for all their shares to May 22, 2026.
Wheels Up appoints Chief Sales Officer, Chief Growth Officer in leadership restructure
Mark Briffa promoted to Chief Sales Officer, unifying membership and charter sales.
Wheels Up stockholders approve reverse split authorization, LTIP share increase, executive plans
Authorized reverse stock split of 1:5 to 1:20 ratio, at board's discretion; proportionate authorized share reduction; no split yet.
Wheels Up regains NYSE minimum bid price compliance; market cap ~$1B
Regained NYSE minimum share price compliance under Section 802.01C after prior notice.
Wheels Up receives NYSE minimum bid price deficiency notice; proposes reverse stock split
Received NYSE notice on April 22, 2025 for failing to maintain average closing price ≥$1.00 over 30 consecutive trading days.
Wheels Up names John Verkamp as CFO; adds 18 Phenom jets, first Challengers by April 1
John Verkamp appointed CFO, effective March 31, 2025; previously VP/CFO of GE Vernova Gas Power Global Services.
Wheels Up closes $332M revolving financing facility, acquires 17 Phenom aircraft
New $332M revolving equipment notes facility (initial $331.3M funded) with Bank of America; Delta credit support; maturity 2029.
Wheels Up Q3 revenue $194M, net loss narrows to $58M; record adjusted contribution margin 14.8%
Revenue $194M, down YoY due to non-core business sales, but stable sequentially; net loss $58M improved $87M YoY.
Wheels Up to acquire 17 Phenom aircraft for $105M, secure $332M revolver with Delta support
Agreement with GrandView Aviation to buy 17 Embraer Phenom 300/300E aircraft and related assets for $105M.
Wheels Up extends lock-up on 97.2% of investor shares until Sept 20, 2025
Lead investors Delta, CK Wheels, CIH extend lock-up on all shares for one additional year.
Wheels Up Q2 2024: Revenue $196M, net loss narrows to $97M, board appoints Summe
Revenue $196M, down 41% YoY; net loss $97M, improved from $160.6M loss.
Amended CCA with Delta runs through Sep 2029, renews automatically; Delta owns ~37.8% of Wheels Up common stock.
Wheels Up sells non-core aircraft management business for $19.1M; records $3.0M loss
Sold 100% of Circadian Aviation to Executive AirShare on Sept 30, 2023.
LTIP share pool increased from 5.15M to 30.15M shares; plan extended to 2034.
Wheels Up Q1 revenue down 44% to $197M; net loss improves slightly to $97M
Revenue $197M vs $352M YoY; decline driven by exiting aircraft management and sales businesses.
Wheels Up Q4 revenue sinks 40% to $246M; net loss narrows to $81M
Total revenue $246M, down $162M YoY; net loss $81M, improved from $225M.
Amended employment agreement grants CEO George Mattson up to 45 hrs/yr mid-cabin and 30 hrs/yr light-cabin aircraft for personal use; unused hours retained.
Incremental $40M term loan closed on Nov 15, 2023; total term loan now $390M plus $100M revolver.
Wheels Up Q3 revenue down 24% to $320M; secures $450M Delta-led capital; names new CEO
Revenue $320M, down 24% YoY; net loss $145M includes $56M non-cash goodwill impairment.
Wheels Up CEO George Mattson starts Oct 2; compensation package set at $625k base, $1M target bonus
Base salary $625k; annual target bonus $1M (0-200% payout based on performance metrics).
Wheels Up secures $450M financing from Delta, CK Wheels, CIH; issues 80% equity to lenders
Term loan of $350M and $100M revolver from Delta, CK Wheels, and CIH; interest rate 10% PIK, rising to 20% if stockholder approval delayed.
Wheels Up appoints George Mattson as CEO; expands Delta loan by $10M to $70M
George N. Mattson named CEO of Wheels Up Partners LLC; expected to start in early October 2023.
Wheels Up increases Delta note by $15M to $60M total
Third Amendment to Secured Promissory Note with Delta Air Lines dated Sept 6, 2023.
Wheels Up amends Delta note to $45M total; extends equipment note grace period
Delta note originally $15M, increased to $25M on Aug 16, then up to $45M via second amendment.
Wheels Up secures $500M credit facility led by Delta, Certares, Knighthead; Dan Janki named Chairman
Non-binding agreement for $500M facility ($400M term loan + $100M liquidity facility) from Delta, Certares, Knighthead.
Revenue $335M vs $425.5M YoY (-21%); Net loss $160.6M (up from $92.8M) includes $70M non-cash goodwill impairment.
David Harvey, the Company’s Chief Commercial Officer, will depart from his position with the Company effective June 19, 2025, but will continue to act as a senior advisor to the Company through August 2025.
On June 17, 2025 (the “Effective Date”), Wheels Up Experience Inc. (the “Company” or “Wheels Up”) announced that Mark Briffa has been promoted to the newly created position of Chief Sales Officer of Wheels Up, effective as of the Effective Date.
Eric Cabezas will continue to serve as the Company’s Interim Chief Financial Officer and principal financial officer until the Start Date, and thereafter it is anticipated that he will continue as the Company’s Senior Vice President of Finance, a role he has held since February 2019.
On March 11, 2025, Wheels Up announced that the Company’s Board of Directors (the “Board”) has appointed John Verkamp to serve as Chief Financial Officer and principal financial officer of the Company.
On the Notice Date, the Company’s Board of Directors (the “Board”) appointed Eric Cabezas, age 39, to serve as Interim Chief Financial Officer and principal financial officer of the Company, to become effective on the Departure Date.
On the Notice Date, the Board appointed Alexander Chatkewitz, age 60, to serve as principal accounting officer of the Company, to become effective on the Departure Date.
On August 20, 2024 (the “Notice Date”), Todd Smith, the Chief Financial Officer of Wheels Up Partners LLC, a Delaware limited liability company (“WUP LLC”) and an indirect subsidiary of Wheels Up Experience Inc. (the “Company”), and principal financial and accounting officer of the Company, notified the Company of his intention to resign from employment with the Company and its subsidiaries, to become effective on September 6, 2024 (the “Departure Date”), in order to pursue a new opportunity.
the Board resolved to appoint Gregory L. Summe as an independent member of the Board, effective upon the resignation of, and to fill the seat on the Board previously occupied by, Mr. Adelman.
On August 7, 2024 (the “Effective Date”), David Adelman notified the Company's Board of Directors (the “Board”) of his resignation from the Board and all committees thereof, effective immediately, in order to focus on his other professional pursuits.
update Mr. Briffa’s title to EVP, Charter & CEO of Air Partner
On March 1, 2024 (the "Effective Date"), Jeffrey Nedelman notified the Board of Directors (the "Board") of Wheels Up Experience Inc. (the "Company") of his resignation from the Board, effective as of such date.
the Board resolved to appoint Thomas Klein to the Board, effective as of Mr. Nedelman’s resignation from the Board.
Max materiality 0.95 · Median 0.65 · Most common event other_material