Wheels Up received a notice from the NYSE stating that the average closing price per share of its common stock did not equal at least $1.00 over a consecutive 30 trading-day period.
The company remains committed to executing its multi-year business transformation, including fleet transition and cost reduction initiatives.
The NYSE notice has no immediate effect on the listing of Wheels Up's common stock on the NYSE.
Strategic Initiatives
Wheels Up is focused on executing its strategic business transformation plan.
Compliance Issue
The NYSE notice raised concerns about the average share price of Wheels Up's common stock.
Reverse Stock Split
Wheels Up may consider a reverse stock split to regain compliance with NYSE's listing standards.
- Wheels Up's stockholders previously authorized the Board of Directors to complete a reverse stock split if necessary.
- The company intends to regain compliance with NYSE's minimum price requirement within the six-month cure period.
- Completion of cost-saving measures and fleet transition are crucial for Wheels Up's future profitability.
Despite the compliance notice, Wheels Up remains dedicated to its strategic plans and aims to ensure sustainable future profitability. The company will evaluate options like a reverse stock split to address the listing standards.