Delta Air Lines has agreed to extend the lock-up period on its stake in Wheels Up Experience Inc. (NYSE: UP) to May 2027, keeping more than 35% of the company’s outstanding shares as of May 22, 2026 restricted from sale.
This new commitment follows a series of lock-up extensions by Delta and other key investors. In September 2024, Delta, CK Wheels LLC and Cox Investment Holdings extended the lock-up on shares issued under their Investment and Investor Rights Agreement to September 20, 2025, covering about 97.2% of those securities. In September 2025, the same group agreed to an additional eight‑month extension to May 22, 2026, then affecting roughly 85% of Wheels Up’s outstanding shares.
Delta became a core shareholder in 2020 when Delta Private Jets was combined with Wheels Up, creating a tightly integrated commercial and equity partnership. In 2023, Delta and partners Certares, Knighthead and Cox arranged a 500 million dollar financing package for Wheels Up, made up of 400 million dollars in term loans and a 100 million dollar liquidity facility provided by Delta, in exchange for about 95% of the company’s equity on a diluted basis.
The continuing lock-up plays a central role in stabilizing Wheels Up’s shareholding structure during its operational and financial turnaround, limiting potential selling pressure while the company restructures its fleet, funding and product offering.