Wheels Up Experience lead investors Delta Air Lines, CK Wheels, and Cox Investment Holdings agreed today to extend the lock-up restriction with respect to all their shares of common stock (issued under the Investment and Investor Rights Agreement) for an additional year, until Sept. 20, 2025.
“I appreciate the confidence and support of the company’s lead investors,” said Wheels Up CEO George Mattson. “We believe that this extended commitment by our investors allows us to continue to execute on our strategic plan.”
The news comes after the company reported progress in bolstering its balance sheet during the second quarter, further reducing losses as its leadership team strives to reverse the private flight provider’s fortunes under a new business model. “The level of debt is not out of line with the size of our company and our revenue base; we just need to get the EBITDA where it needs to go,” Mattson told AIN at the time.
Wheels Up recently restructured its executive leadership team. Former chairman of operations Dave Holtz was promoted earlier this year to COO. Before his time at Wheels Up, Holtz ran the operations and customer center at Delta Air Lines, which owns a substantial stake in Wheels Up. Dave Harvey was recently appointed as chief commercial officer.