Wheels Up (UP) Shares Close Lower, Following an August Gain of > 100%, After Friday’s (Aug. 29) $50M ATM Equity Offering Announcement
Wheels Up Experience (UP) entered into a $50 million at-the-market equity offering agreement with BofA Securities Inc. and Jefferies LLC on Friday, Aug. 29.
(Atlanta, Georgia) On Friday, August 29th, Wheels Up (NYSE: UP) entered into an at the market (ATM) Equity Offering Sales Agreement with BofA Securities, Inc. and Jefferies LLC, pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $50.0 million of its Class A common stock, $0.0001 par value per share, through the sales agents, per Benzinga.
Photo of a Wheels Up Bombardier Challenger 300 courtesy of Wheels Up.
Per Tip Ranks, the strategic move by Wheels Up aims to enhance the company’s financial flexibility and capitalize on market conditions, although there is no obligation to sell shares and the agreement can be terminated by any party with prior notice.
UP shares closed down 17.41% at $2.42, following Friday’s (Aug. 29) slide of more than 10% from $3.27 to $2.93. Previously, as of August 28th, UP shares were up 131% month-to-date at $3.30.
Wheels Up CEO George Mattson will present present in person at the Jefferies Industrials Conference in New York, NY this coming Thursday, September 4th at 12:50pm ET.
** Not investment advice; neither The FLY Report nor FLYJETS – nor any associated individual – is a registered investment advisor.
