SPAC Aspirational sets July 12 to approve Wheels Up merger

By Doug Gollan, June 23, 2021

Aspirational Consumer Lifestyle Corp. sets July 12 to approve its proposed business combination with Wheels Up Partners Holdings LLC

SPAC Aspirational Consumer Lifestyle Corp. (NYSE: ASPL) has set July 12, 2021, as the meeting date for the extraordinary general meeting of its shareholders to approve its merger with Wheels Up Partners Holdings LLC. It expects that the business combination will close on July 13, 2021, subject to the approval of Aspirational’s shareholders and the satisfaction of other customary closing conditions, according to a press release.

“We are pleased to be entering the final stages of the process to launch Wheels Up as a publicly-traded company. Wheels Up continues to build on its growth trajectory, experiencing unprecedented demand from customers worldwide, as evidenced by the company’s strong first-quarter results. We look forward to continuing to work with the team at Wheels Up to build on this momentum as the leader in on-demand private aviation,” said Ravi Thakran, Chairman & CEO of Aspirational.

Kenny Dichter, Founder & CEO of Wheels Up, added, “Since our founding, we remain true to our goal: to simplify private travel and make it more accessible to more people. Following our record-breaking first quarter, we continue to see unprecedented demand within the Wheels Up marketplace from both existing members and an influx of new customers. We are excited to be moving forward with this vote and look forward to continuing on our path of innovation as a public company, expanding the addressable market for private aviation, and connecting more customers with aircraft than ever before.”

The Extraordinary General Meeting will be held virtually via a live webcast on July 12, 2021, at 9:00 a.m.

In connection with the business combination, Aspirational will change its name to Wheels Up Experience Inc. The combined company’s common stock and public warrants will begin trading on the New York Stock Exchange under the symbols “UP” and “UP WS,” respectively.

Wheels Up is known for its promotions designed to expand reach, including a partnership with ESPN and selling memberships via Costco. More recently, it relaunched its corporate travel offering under the UP for Business banner. It is current neck and neck with Directional Aviation as the second-largest provider of for-hire private aviation flight hours following its January acquisition of Mountain Air.

You can read our full analysis of Wheels Up’s investor day presentation here.

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