Company: UP
Filing Date: 2025-08-29
Form Type: 424B5
Source: 0001104659-25-085149
Chunk: 7

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-29
Form: 424B5
Chunk 7
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 settled into shares of our Common Stock, vesting and issuance of
Earnout Shares (as defined in our Annual Report on Form 10-K for the year ended December 31, 2024), and issuance of additional
shares of our Common Stock or other securities that are convertible into or exchangeable or exercisable for shares of our Common Stock
from time to time, including pursuant to equity-incentive plans, as consideration for acquisitions or otherwise, may result in further
dilution of your investment. See the section entitled “Dilution” below for a more detailed illustration of the dilution you
would incur if you participate in this offering.

The actual number of shares of Common Stock we will issue under the Sales Agreement and the aggregate net proceeds resulting from such issuances, at any one time or in total, is uncertain.

Subject to certain limitations
in the Sales Agreement and compliance with applicable law, we have the discretion to deliver a placement notice to the Sales Agents at
any time throughout the term of the Sales Agreement. The number and per share price of the shares of Common Stock that are sold by the
Sales Agents after delivering a placement notice will fluctuate based upon a number of factors, including the market price per share
of our Common Stock during the sales period, any limits we set with the Sales Agents in the applicable placement notice and the demand
for our Common Stock. Because the number of shares that are sold through the Sales Agents and the price per share of each share of Common
Stock sold in this offering will fluctuate based on the market price per share of our Common Stock during the sales period, it is not
possible at this stage to predict the number of shares of our Common Stock that will be ultimately issued or the aggregate net proceeds
to be raised in connection with sales under this offering.

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The Common Stock offered hereby will be sold in “at the market offerings,” and investors who buy shares of our Common Stock at different times will likely pay different prices.

Investors who purchase shares
of our Common Stock in this offering at different times will likely pay different prices, and so may experience different levels of dilution
and different outcomes in their investment results. We will have discretion, subject to market demand, to vary the timing, prices, and
numbers of shares of our Common Stock sold, and there is no minimum or maximum sales price. Investors may experience a decline in the
value of their shares of our Common Stock as a result