Wheels Up Lead Investors Extend Lock-Up, Underscoring Confidence in Transformation Strategy

ATLANTA, Sept. 22, 2025 /PRNewswire/ — Wheels Up Experience Inc. (NYSE: UP) today announced that its lead investors, Delta Air Lines, CK Wheels LLC (an investment vehicle co-managed by Certares Opportunities, LLC and Knighthead Opportunities Capital Management, LLC), and Cox Investment Holdings, LLC, agreed to extend the lock-up restriction for all their shares of common stock issued under the Investment and Investor Rights Agreement, for an additional eight months, until May 22, 2026.  As a result, all of the outstanding shares held by these strategic investors – representing approximately 85% of the total outstanding shares of the company as of September 22, 2025 – will remain subject to a lock-up restriction.

“We are pleased that our lead investors have decided to extend their agreements to retain all their shares, demonstrating confidence in our strategy and progress,” said Wheels Up Chief Executive Officer George Mattson. “Their long-term focus and steadfast support have been critical as we scale our premium jet fleet, enhance membership offerings, deepen our commercial relationship with Delta, and sharpen our operations.  By delivering the most accessible and flexible offering in the private aviation industry, we are transforming Wheels Up and redefining private aviation for today’s travelers.”

About Wheels Up
Wheels Up is a leading provider of on-demand private aviation in the U.S. with a large, diverse fleet and a global network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides cargo services to a range of clients, including individuals and government organizations. With the Wheels Up app and website, members can easily search, book, and fly.

Source: Wheels Up Experience Inc.