The move follows Delta’s backing of a $100 million term loan for Wheels Up. Other key investors were not part of the announcement.
Lead strategic investor Delta Air Lines has agreed to extend its lock-up restriction for shares of Wheels Up Experience common stock.
The lock-up covers the shares issued under its Investment and Investors Rights Agreement.
Those shares were extended by one additional year, through May 22, 2027.
As of May 22, 2026, approximately 35% of the company’s outstanding shares will remain subject to a lock-up restriction.
Wheels Up CEO George Mattson said, “Our partnership with Delta is broad and deeply integrated across our entire business.”
He added, “This lock-up extension, along with Delta’s leadership on our recently announced commitment for a $100 million term loan, reflects their strong confidence in our strategy and the accelerating momentum in our one-of-a-kind strategic partnership.”
The Investment and Investors’ Rights Agreement refers to the Delta-led 2023 investment package.
That brought around $500 million in financing to the private jet company.
Other key partners, CK Wheels LLC and Cox Investment Holdings, LLC, who were part of previous extensions, are not mentioned in the release.
Both were part of the previous extension in September 2025.
At the time, those additional investor shares gave the group 85% of Wheels Up’s total outstanding shares.
In September 2024, the investors extended their lock-up for 12 months.
CK Wheels is an investment vehicle co-managed by Certares Opportunities, LLC and Knighthead Opportunities Capital Management, LLC.
A spokesperson for Wheels Up declined to provide additional comments.
Berkshire Hathaway, which owns NetJets and Executive Jet Management, recently reported it bought $2.6 billion of Delta Air Lines stock.
UP starts trading today at $9.11, with a market cap of $330 million.
DAL’s current market cap is $50 billion.
Berkshire Hathaway carries a value of $1.05 trillion.
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