Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 11

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 11
---
 offering, after deducting
commissions and offering expenses payable by us, to WUP Holdings, which is the entity through which, together with its subsidiaries,
we conduct substantially all of our business and operations. WUP Holdings will subsequently use the net proceeds, if any, from this offering
for general corporate purposes, including, among others, to execute Wheels Up’s fleet modernization strategy, to repay outstanding
indebtedness and for general working capital needs.

<div align='center'>S-6

DILUTION</div>

If you purchase shares of
our Common Stock in this offering, your ownership interest will be diluted to the extent of the difference between the offering price
per share of Common Stock and the as adjusted net tangible book value per share of our Common Stock immediately after this offering.
We calculate net tangible book value per share by dividing our net tangible book value, which is tangible assets less total liabilities,
by the number of outstanding shares of our Common Stock.

Our net tangible book value
(deficit) as of June 30, 2025 was $(649.6) million, or $(0.93) per share. After giving effect to the assumed sale by us of
an aggregate of $50.0 million in shares of Common Stock in this offering at an assumed offering price of $2.91 per share, which
was the last reported sale price of our Common Stock on the NYSE on August 27, 2025, and after deducting estimated commissions and
offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been approximately
$(601.6) million, or $(0.84) per share of Common Stock. This represents an immediate increase in the net tangible book value of $0.09
per share to our existing stockholders and an immediate dilution in the net tangible book value of $3.75 per share of Common Stock to
investors purchasing Common Stock in this offering. The following table illustrates this calculation on a per share basis:

| Assumed offering price per share of Common Stock                      
 Net tangible book value per share of Common Stock as of June 30, 2025 |     |   | (0.93 | ) |     |   |  2.91 |   |
|:----------------------------------------------------------------------|:----|:--|------:|:--|:----|:--|------:|:--|
| Increase in net tangible book value per share of