- Wheels Up (UP, Financial) receives a NYSE notice for non-compliance with minimum share price requirements.
- The company plans a reverse stock split to regain compliance within a six-month period.
- Wheels Up reports $316 million liquidity as of December 2024, including $216 million in cash.
On April 22, 2025, Wheels Up Experience Inc. (UP) announced it had received a notice from the New York Stock Exchange (NYSE) for failing to maintain an average closing stock price above $1.00 over a 30 consecutive trading day period. This notice subjects the company to a six-month window to address the issue and meet the listing standards of the NYSE.
To regain compliance, Wheels Up will propose a reverse stock split at its annual stockholder meeting scheduled for June 10, 2025. The reverse stock split is a strategic move to adjust the share price to meet NYSE's requirements. The company also retains the option to explore other methods to achieve compliance within the stipulated timeframe.
As of December 31, 2024, Wheels Up maintained a strong liquidity position with approximately $316 million, composed of $216 million in unrestricted cash and a $100 million undrawn credit facility from Delta Air Lines. This liquidity provides a substantial cushion to support the company’s operations.
Wheels Up is actively working on operational improvements, emphasizing fleet modernization with Embraer Phenom 300 and Bombardier Challenger 300 jets. Additionally, the company is leveraging its partnership with Delta Air Lines to enhance customer solutions and expand market reach. The NYSE notice, while significant, does not immediately impact the company's stock listing or its capacity to serve its customers.
