Company: UP
Filing Date: 2025-04-25
Form Type: 8-K
Source: 0001819516-25-000014
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Company: Wheels Up Experience Inc.
Filing Date: 2025-04-25
Form: 8-K
Item: Item 3.01
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On April 22, 2025, Wheels Up Experience Inc. (the “ Company”) received a notice (the “ Notice”) from the New York Stock Exchange (the “ NYSE”) that it is no longer in compliance with Section 802.01C of the NYSE Listed Company Manual (“ Section 802.01C”), which requires listed companies to maintain an average closing price per share of at least $1.00 over a 30 consecutive trading-day period. The Company has six months after receipt of the Notice (the “ Cure Period”) to regain compliance with Section 802.01C, which requires that during the Cure Period the Company’s Class A common stock, $0.0001 par value per share (“ Common Stock”), has a closing price of at least $1.00 on the last trading day of any month and an average closing price of at least $1.00 over the 30 trading-day period ending on such date. As of the date of this Current Report on Form 8-K (this “ Current Report”), the Company is in compliance with all other NYSE continued listing standards.

On April 25, 2025, the Company notified the NYSE of its intent to cure the deficiency and regain compliance with Section 802.01C. On April 24, 2025, the Company filed a definitive proxy statement on Schedule 14A(the “ Proxy Statement”) with the U. S. Securities and Exchange Commission (“ SEC”) related to the Company’s 2025 annual meeting of stockholders (the “ Annual Meeting”). The Proxy Statement includes, among other things, a stockholder voting proposal to authorize the Company’s Board of Directors (the “ Board”), in its discretion, to effect a reverse stock split of the Company’s outstanding shares of Common Stock prior to the Company’s 2026 annual meeting of stockholders at a reverse stock split ratio of not less than 1-for-5 and not greater than 1-for-20, with an exact ratio within that range as may be determined by the Board (the “ Reverse Stock Split”). Unless the Company otherwise regains compliance with Section 802.01C, the Company expects to complete the Reverse Stock Split to cure the deficiency if it obtains stockholder approval of the Reverse Stock Split at the Annual Meeting. If the Company completes a Reverse Stock Split, it anticipates that it will regain compliance with Section