The delisting notice was expected, and Wheels Up had already filed for a possible reverse stock split that would boost its share price.
Wheels Up today announced that on April 12, 2023, it received a notice from the New York Stock Exchange that the average closing price per share of its common stock did not exceed one dollar over a 30 consecutive trading-day period.
Maintaining a stock price exceeding one dollar is required for continued listing on the NYSE.
The New York-based private aviation flight provider “already notified the exchange of its intent to regain compliance.
It is seeking stockholder approval at its upcoming annual meeting on May 31, 2023, to authorize a reverse stock split.
The Company filed a preliminary proxy statement with the U.S. Securities and Exchange Commission on April 3, 2023, that contains additional details about the reverse stock split voting proposal.
Wheels Up has six months after receipt of the notice to regain compliance.
During this period, its common stock and public warrants will continue to be listed and traded on the NYSE.
According to the announcement, “Wheels Up remains committed to its strategic focus on operational improvements, an exceptional member experience, and delivering stockholder value over the long term.”
Wheels Up stock closed today at 51 cents. Over the past year, it has traded between 37 cents and $3.41.