Wheels Up Experience Inc. (NYSE:UP) (the “Company” or “Wheels Up”) today announced that on April 12, 2023 it received a notice from the New York Stock Exchange (the “NYSE”) that the average closing price per share of its common stock did not exceed $1.00 over a 30 consecutive trading-day period, which is required for continued listing on the NYSE.
The Company already notified the NYSE of its intent to regain compliance with the continued listing standards by seeking stockholder approval at its upcoming annual meeting of stockholders on May 31, 2023, to authorize a reverse stock split of the Company’s common stock.
The Company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission on April 3, 2023, that contains additional details about the reverse stock split voting proposal.
Pursuant to NYSE rules, the Company has six months after receipt of the notice to regain compliance. During this period, the Company’s common stock and public warrants will continue to be listed and trade on the NYSE.
Wheels Up remains committed to its strategic focus on operational improvements, an exceptional member experience and delivering stockholder value over the long term.
