“On demand” private aviation company, Wheels Up Experience (NYSE: UP) cratered in trading on Wednesday as it stated that it was seeking new financing from investors as it falls short of cash. In addition, the company stated that the filing of its quarterly report will be delayed.
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Wheels Up stated that it has secured a short-term capital infusion from Delta Airlines (DAL) and has entered into a non-binding letter of intent to sell the company’s non-core aircraft management business to Airshare, a U.S. operator with a complementary business.
Analysts are cautiously optimistic about UP stock with a Moderate Buy consensus rating based on two Buys and two Holds.