Wheels Up Experience Inc. (NYSE: UP) announced that Delta Air Lines has agreed to extend the lock-up restriction on all its common stock shares for one additional year through May 22, 2027.

The extension means more than 35% of Wheels Up's total outstanding shares as of May 22, 2026 will remain subject to lock-up restrictions. Delta serves as Wheels Up's lead strategic investor under an Investment and Investor Rights Agreement.

"This lock-up extension, along with Delta's leadership on our recently announced commitment for a $100 million term loan, reflects their strong confidence in our strategy," said George Mattson, CEO of Wheels Up.

The $100 million term loan was first announced by Wheels Up on May 11, 2026. The company described the lock-up extension as part of a series of strategic financial actions supporting its transformation strategy.

Wheels Up operates as a private aviation provider offering charter and membership programs. The company maintains a strategic partnership with Delta Air Lines that provides customers access to premium commercial travel benefits.