Wheels Up Experience Inc 8-K, filed Sep 8, 2023
Wheels Up Experience Inc. (UP)
About this 8-K
Wheels Up Experience Inc filed this 8-K on September 8, 2023, reporting on events of September 6, 2023.
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.03: New debt or off-balance-sheet obligation
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
As previously disclosed by Wheels Up Experience Inc. (the “Company”) in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 21, 2023, the Company entered into the First Amendment to Secured Promissory Note, dated as of August 15, 2023 (the “Note First Amendment”), with Delta Air Lines, Inc., as payee (“Delta”), and the Second Amendment to Secured Promissory note, dated as of August 21, 2023 (the “Note Second Amendment”), which in each case amended the Secured Promissory Note, dated August 8, 2023 (as amended by the Note First Amendment and Note Second Amendment, the “Note”), with Delta. On September 6, 2023, the Company and Delta entered into the Third Amendment to Secured Promissory Note (the “Note Third Amendment” and together with the Note, the “Amended Note”), to increase the aggregate principal amount of the Note by up to an additional $15.0 million, of which the additional $15.0 million was received by the Company on September 6, 2023. The Note Third Amendment brought the total principal amount under the Amended Note up to $60.0 million. The Third Amendment does not contain any additional material covenants or terms or amend any material covenants or terms set forth in the Note.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 above is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WHEELS UP EXPERIENCE INC. | |||
| Date: September 8, 2023 | By: | /s/ Todd Smith | |
| Name: | Todd Smith | ||
| Title: | Interim Chief Executive Officer and Chief Financial Officer | ||