Delta Air Lines extends Wheels Up lock-up for another year

Wheels Up (NYSE: UP) is headquartered in New York City.

Delta Air Lines has agreed to extend its lock-up restriction on all Wheels Up shares for a further year, through May 22, 2027.

The extension covers more than 35% of Wheels Up’s total outstanding shares as of May 22, 2026. Delta, which holds approximately 95% of the company following a $500m rescue investment in 2023, is restricted from selling those shares during the lock-up period.

The move comes alongside Delta’s commitment to lead a new $100m term loan for the company.

“This lock-up extension, along with Delta’s leadership on our recently announced commitment for a $100m term loan, reflects their strong confidence in our strategy and the accelerating momentum in our one-of-a-kind strategic partnership,” said Wheels Up CEO George Mattson.

Delta first took a stake in Wheels Up in 2020 when it merged its Delta Private Jets subsidiary into the company. It deepened its involvement significantly in September 2023, leading a consortium of investors that rescued the loss-making private aviation provider from the brink of bankruptcy and installed Mattson, a former Delta board member, as CEO.

Wheels Up (NYSE: UP) is headquartered in New York City.