Wheels Up Says Approximately 97.2% Of Lead Investor Shares Will Remain Subject To The Lock-up Restriction Until September 20, 2025
Portfolio Pulse from Benzinga Newsdesk
Wheels Up announced that lead investors, including Delta Air Lines, CK Wheels LLC, and Cox Investment Holdings, have agreed to extend the lock-up restriction on their shares until September 20, 2025. Kore Capital LLC and Whitebox Advisors LLC also extended the lock-up on 72.5% of their shares.
September 23, 2024 | 11:00 am
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POSITIVE IMPACT
Wheels Up's major investors have agreed to extend the lock-up period for their shares until September 2025, which may stabilize the stock price by reducing potential selling pressure.
The extension of the lock-up period by major investors means that a significant portion of shares will not be sold in the market until 2025. This reduces the risk of a sudden increase in supply, which could otherwise depress the stock price. The news is likely to be seen positively by investors as it suggests confidence from major stakeholders.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Delta Air Lines, as a lead investor in Wheels Up, has agreed to extend the lock-up period for its shares until 2025, indicating a long-term commitment to the investment.
Delta Air Lines' decision to extend the lock-up period for its investment in Wheels Up suggests a commitment to the long-term potential of the company. However, as this is a small part of Delta's overall operations, the immediate impact on Delta's stock price is likely neutral.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50