Company: UP
Filing Date: 2025-04-01
Form Type: PRE 14A
Source: 0001140361-25-011647
Chunk: 83

Company: Wheels Up Experience Inc.
Filing Date: 2025-04-01
Form: PRE 14A
Chunk 83
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 Time of the Reverse Stock Split. The transmittal letter will be accompanied by instructions specifying how the stockholder may exchange their certificated shares representing the pre-Reverse Stock Split shares of Common Stock for a statement of holding. When that stockholder submits their certificates representing the pre-Reverse Stock Split shares of Common Stock, the post-Reverse Stock Split shares of Common Stock will be held electronically in book-entry form. This means that, instead of receiving a new stock certificate, that stockholder will receive a statement of holding that indicates the number of post-Reverse Stock Split shares of Common Stock held in book-entry form. We no longer issue physical stock certificates. If a stockholder is entitled to a payment in lieu of any fractional share interest, the payment will be made as described above under “ —Implementation of the Reverse Stock Split—Fractional Shares.” Beginning at the Effective Time, each certificate representing pre-Reverse Stock Split shares will be deemed to evidence ownership of post-Reverse Stock Split shares. Stockholders will need to exchange their old certificates in order to effect transfers of shares. If an old certificate bears a restrictive legend, the registered shares in book-entry form will bear the same restrictive legend. We may seek a waiver from the SEC permitting us to automate the conversion of physical certificates to a statement of holding in book-entry form for stockholders with certificates representing shares below a specified amount. Such a waiver would alleviate the need for certain stockholders to submit their stock certificates with the transmittal letter. If such a waiver is granted, we will provide notice of the waiver to stockholders. Stockholders should not destroy any stock certificates and should not submit any stock certificates until requested to do so. No Impact on Preferred Stock As of the Record Date, no shares of the Company’s preferred stock were outstanding. The Reverse Stock Split and Authorized Share Reduction would not change the number of authorized shares of preferred stock under the Amended and Restated Certificate of Incorporation. Likewise, the Reverse Stock Split Amendment would not impact the ability of the Company to issue preferred stock in the future, but may impact the number of shares of Common Stock into which any such shares of preferred stock may be convertible into, if at all. No Going-Private Transaction Neither the Reverse Stock Split nor the Authorized Share Reduction is intended to be a first step in a series of steps leading to a “going private transaction” pursuant to Rule 13e-3 under the Exchange Act. The Company and the Board believe that implementing the Reverse Stock Split and Authorized Share Reduction would not be reasonably