The second reverse stock split by Wheels Up is expected to enable the Delta Air Lines-backed private jet company to regain NYSE compliance.
Delta Air Lines-backed Wheels Up said it will complete its second reverse stock split.
The move will take place after the close of trading on April 24, 2026.
According to the announcement, “The Company believes that following the effectiveness of the reverse stock split, the number of shares of common stock outstanding will align more closely to peer companies with similar market capitalizations.”
It added, “Assuming the stock price of the common stock meets or exceeds $1.00 for the requisite period of time, the company believes that it will promptly regain compliance with the NYSE’s listing standards and qualify for inclusion in the Russell 3000.”
Wheels Up received a non-compliance notice back in December 2025.
Wheels Up’s Common Stock is expected to begin trading on the New York Stock Exchange on a reverse split-adjusted basis on April 27, 2026.
It will continue to trade under the ticker symbol UP.
READ: Delta Air Lines-backed Wheels Up reports Adjusted EBITDA profit
CEO George Mattson said, “As part of the Delta-led investment in 2023, we issued more than 670 million shares to our lenders, leaving the company with a much higher share count than many of our peers.”
He continued, “Today’s announcement allows us to realign our share count and remain focused on sustainable, profitable growth and our differentiated, customer-first business model.”
Mattson added, “We’re executing our strategy—driven by operational excellence, a new premium fleet, our strategic partnership with Delta Air Lines, and improved financial performance—and the progress we’ve made over the past two years is real.”
The company stated:
‘When the reverse stock split is effective, every 20 shares of common stock issued and outstanding or held as treasury stock as of the effective time will be automatically combined and reclassified into one share of common stock. As a result, the company expects that the approximately 725 million shares of common stock outstanding prior to the reverse stock split will be reduced to approximately 36 million shares immediately following the effectiveness of the reverse stock split. In addition, the total number of shares of common stock authorized for issuance under the company’s amended and restated certificate of incorporation will be reduced by the ratio, from 1.5 billion shares to 75 million shares. There will be no change to the par value per share of common stock and number of shares of preferred stock authorized for future issuance thereunder. The company’s board of directors reserves the right to abandon or delay the reverse stock split at any time prior to completion.’
READ: Top business aviation banker talks debt, profits, JetGate, EBITDAR
Mattson added, “We’ve restructured the business, sharpened our focus on premium customers, and grown key segments, including corporate demand through our strategic partnership with Delta Air Lines and our global charter business.”
He continued, “As we near completion of our fleet transformation more than a year ahead of schedule, we believe we are positioned for growth and to deliver on our commitments to members, partners, employees, and investors.”
Continental Stock Transfer & Trust Company (will act as transfer and exchange agent for the Reverse Stock Split.
At Wheels Up’s 2025 annual meeting of stockholders held on June 10, 2025, stockholders approved the Board’s implementation of a reverse stock split.
The Board approved the move on April 13, 2026.
READ: Wheels Up to ‘nearly double’ Phenom 300, Challenger 300 fleet
Wheels Up previously did a reverse stock split in 2023.
UP closed yesterday at 54 cents.
The price has ranged between 41 cents and $3.50 over the past 52 weeks.
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