Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 6

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 6
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 our Common Stock, in addition to the other information in this prospectus supplement and the accompanying prospectus, you should carefully read and consider the risk factors described in Part I, Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K, Part II, Item 1A “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025 filed with the SEC on May 5, 2025,in Part II, Item 1A “Risk Factors” in our quarterly report on Form 10-Q for the three months ended June 30, 2025, filed with the SEC on August 7, 2025and in our subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement and the accompanying prospectus, as the same may be updated from time to time by our future filings under the Exchange Act. Each of the risks described in these documents could materially and adversely affect our business, prospects, liquidity, financial condition and results of operations, and could result in a partial or complete loss of your investment.

In connection with the forward-looking statements that appear in this prospectus supplement and the accompanying prospectus, you should also carefully review the cautionary statement referred to under “Forward-Looking Statements” in this prospectus supplement.

Additional Risks Related to This Offering

If you purchase shares of Common Stock in this offering, you may experience immediate and substantial dilution.

The offering price per share
of Common Stock in this offering may exceed the net tangible book value per share of our Common Stock outstanding prior to this offering.
Assuming that an aggregate of 17,182,130 shares of our Common Stock are sold during the term of the Sales Agreement with the Sales Agent
at a price of $2.91 per share, the last reported sale price of our Common Stock on the NYSE on August 27, 2025, for aggregate
net proceeds of approximately $48.0 million, after deducting commissions and estimated aggregate offering expenses payable by us, you
will experience immediate dilution of approximately $3.75 per share, representing the difference between our as adjusted net tangible
book value per share as of June 30, 2025 after giving effect to this offering and the assumed offering price. The exchange
of legacy profits interests, exercise of outstanding options and warrants, vesting and settlement of restricted stock units, performance-based
restricted stock units and other equity incentive awards that may be