Charter & Fractional
Wheels Up Skirts Stock Delisting with Reverse Share Split
Authorizing a reverse stock split to avoid a possible NYSE delisting, Wheels Up still faces a shareholder suit relating to the company's financial filings.
Tail view of Wheels up Citation business jet
Authorizing a reverse stock split to avoid a possible NYSE delisting, Wheels Up still faces a shareholder suit relating to the company's financial filings. (Photo: Wheels Up)

The directors of private flight membership company Wheels Up have authorized a 1-for-10 reverse stock split to stave off a possible delisting on the New York Stock Exchange (NYSE). Wheels Up stock has traded for less than $1 for most of the year and the company had a limited amount of time to increase its valuation prior to delisting. The split will take effect after the close of trading on June 7.

Wheels Up stock closed Thursday at 26 cents, down 8 percent on the day, 75 percent year-to-date, and 97 percent lower since its 2021 initial public listing. The company reported a net loss of $555 million on $1.58 billion in revenues last year. In 2022, Wheels Up replaced its CFO and COO, and eliminated the position of president. Last month, company founder and CEO Kenny Dichter resigned. 

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