Wheels Up's stock price continued its downward slide after the company released its tardy 10-K annual report late Friday showing its 2022 losses widened by nearly 10 percent from its earlier results. For the year, the company reported a $555 million loss on revenues of $1.58 billion.
Company shares on the New York Stock Exchange (NYSE) closed yesterday at 56 cents, down more than 49 percent over the last month—putting the company on the road to a delisting action by the exchange. Wheels Up stock has lost 94 percent of its value since its initial listing via a special purpose acquisition company in July 2021. This morning, the company announced plans for a reverse stock split to avoid delisting. Under the plan, current shareholders would receive one share for every five to 10 shares currently held. It does not impact the valuation of the company, and the plan needs to be approved at the company's annual meeting next month.
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