United Airlines (UAL) files to offer 37M shares of common stock

March 3, 2021 8:45 AM EST

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United Airlines (NASDAQ: UAL) disclosed:


This prospectus supplement and the accompanying prospectus relate to the issuance and sale from time to time of up to 37,000,000 shares of our common stock, par value $0.01 per share, through Morgan Stanley & Co. LLC, AmeriVet Securities, Inc., Barclays Capital Inc., BofA Securities, Inc., BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Loop Capital Markets LLC and Wells Fargo Securities, LLC (each, a “manager” and together, the “managers”). These sales, if any, will be made pursuant to the terms of the equity distribution agreement, dated March 3, 2021, between us and the managers (the “equity distribution agreement”).


Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in sales deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including by sales made directly on or through The Nasdaq Global Select Market (the “Nasdaq”), the existing trading market for our common stock. Subject to the terms and conditions of the equity distribution agreement, each manager will use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell on our behalf all of the shares designated by us. We may instruct the managers not to sell any shares if the sales cannot be effected at or above the price designated by us in any such instruction.


Under the terms of the equity distribution agreement, we also may sell shares of our common stock to a manager as principal for its own account at a price agreed upon at the time of the sale. If we sell shares of our common stock to a manager as principal, we will enter into a separate terms agreement with such manager and we will describe that agreement in a separate prospectus supplement or pricing supplement.


Our common stock is listed on the Nasdaq under the symbol “UAL.” The last reported sale price of our common stock on the Nasdaq on March 2, 2021 was $53.21 per share.



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