Wheels Up has entered into an at-the-market (ATM) equity offering sales agreement with BofA Securities and Jefferies, the company said in a stock filing on August 29, 2025. Under the agreement, Wheels Up may sell up to $50 million of its Class A common stock through the two banks, which will act as sales agents.
The company said in the filing it is not obligated to sell any shares under the agreement and can terminate the programme at any time.
BofA Securities and Jefferies will receive commissions based on the gross sales price of any shares sold, along with reimbursement of certain expenses.
Troutman Pepper Locke acted as counsel to Wheels Up on the offering.