UP - Wheels Up rallies after capital infusion from Delta Air Lines

2023-08-09 07:57:26 ET

Wheels Up Experience ( NYSE: UP ) shot higher in early trading on Wednesday after the company disclosed that it is actively involved in discussions around strategic business partnerships for the company. In addition, Wheels Up ( UP ) announced that Delta Air Lines ( DAL ) has provided a short-term capital infusion to the company.

As part of the strategy reset for the on-demand private aviation player, Wheels Up ( UP ) entered into a non-binding letter of intent with Airshare to acquire Wheels Up's non-core aircraft management business. The company said it would  share more details as available and has accordingly postponed its previously scheduled earnings communications and cancelled the call for today.

Shares of Wheels Up ( UP ) rose 7.95% in premarket trading on Wednesday after rallying by more than 13% on Tuesday before the Delta investment was made pubic.

More on Wheels Up:

• Recent options trades
• Relative strength index and moving averages
• Growth metrics on Wheels Up
• Seeking Alpha's Quant Rating for Wheels Up

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