Wheels Up wants to be ‘Uber of the sky,’ CEO says
Wheels Up CEO Kenny Dichter on his company going public via SPAC and how private travel is booming.
Wheels Up has officially become the first private aviation company to trade on the New York Stock Exchange Wednesday, under the ticker symbol UP.
CEO Kenny Dichter, in an interview with FOX Business earlier this month, described the rebound in the travel industry as the ‘roaring twenties’ and said the company aims to be ‘Uber of the Sky.’
Shares jumped over 8% in their debut.
|UP||WHEELS UP EXPERIENCE INC||11.47||+1.54||+15.51%|
The private jet travel company officially closed a transaction with Aspirational Consumer Lifestyle Corp, a special purpose acquisition company, or SPAC, on Tuesday. SPACs are shell companies that have no active business operations but are listed on major exchanges where investors can buy shares. They use funds raised by their sponsors and investors to acquire other companies.
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Wheels Up offers its members special programming, on-demand private flights across all cabin categories, aircraft management, whole aircraft sales and corporate solutions. Members also have access to commercial aviation travel benefits through a strategic partnership with Delta Airlines. Other Wheels Up partners include American Express, Porsche and Belmond, among others.
|DAL||DELTA AIR LINES, INC.||40.76||-0.57||-1.39%|
|AXP||AMERICAN EXPRESS CO.||171.67||-1.02||-0.59%|
|POAHY||PORSCHE AUTOMOBIL HOLDING SE||10.98||+0.01||+0.09%|
According to Wheels Up, the capital raised will allow it to accelerate investment in its technology and product offerings. In the first quarter of 2021, Wheels Up had record year-over-year revenue growth of 68% to $261.7 million and a 56% increase in active members.
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"Today is a special milestone for Wheels Up," founder and CEO Kenny Dichter said in a statement Wednesday. "Since our 2013 launch, it has been our mission to create a dynamic platform to democratize private aviation making it possible for significantly more people to experience private flying. We are honored to be a public company on the NYSE, and we look forward to taking our disruptive marketplace global.
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